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
Check Efficiency

Comparative Performance

Apple  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Even with considerably conflicting technical indicators, Apple may actually be approaching a critical reversion point that can send shares even higher in September 2019.
Fabrinet  
00

Risk-Adjusted Performance

Over the last 30 days Fabrinet has generated negative risk-adjusted returns adding no value to investors with long positions. Allthough quite persistent forward indicators, Fabrinet is not utilizing all of its potentials. The current stock price mess, may contribute to short term losses for the partners.

Apple and Fabrinet Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  Fabrinet

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.52 times more return on investment than Fabrinet. However, Apple is 1.93 times less risky than Fabrinet. It trades about 0.08 of its potential returns per unit of risk. Fabrinet is currently generating about -0.01 per unit of risk. If you would invest  19,858  in Apple on July 22, 2019 and sell it today you would earn a total of  1,178  from holding Apple or generate 5.93% return on investment over 30 days.

Pair Corralation between Apple and Fabrinet

0.49
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Apple and Fabrinet

Apple Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc 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 Premium Stories module to follow macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.


 
Search macroaxis.com