Correlation Analysis Between Apple and Fabrinet

This module allows you to analyze existing cross correlation between Apple and Fabrinet. You can compare the effects of market volatilities on Apple and Fabrinet and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Apple with a short position of Fabrinet. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Fabrinet.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Apple  
1919

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.
Fabrinet  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Fabrinet are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Allthough quite weak forward indicators, Fabrinet disclosed solid returns over the last few months and may actually be approaching a breakup point.

Apple and Fabrinet Volatility Contrast

 Predicted Return Density 
      Returns 

Apple  vs.  Fabrinet

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.65 times more return on investment than Fabrinet. However, Apple is 1.54 times less risky than Fabrinet. It trades about 0.29 of its potential returns per unit of risk. Fabrinet is currently generating about 0.11 per unit of risk. If you would invest  21,990  in Apple on November 14, 2019 and sell it today you would earn a total of  5,525  from holding Apple or generate 25.13% return on investment over 30 days.

Pair Corralation between Apple and Fabrinet

0.84
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for Apple and Fabrinet

Apple diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple and Fabrinet in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Fabrinet and Apple is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Apple are associated (or correlated) with Fabrinet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fabrinet has no effect on the direction of Apple i.e. Apple and Fabrinet go up and down completely randomly.
See also your portfolio center. Please also try Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.


 
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