Correlation Analysis Between Apple and GoPro

This module allows you to analyze existing cross correlation between Apple and GoPro. You can compare the effects of market volatilities on Apple and GoPro 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 GoPro. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and GoPro.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

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.
GoPro  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in GoPro are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Allthough quite weak forward indicators, GoPro disclosed solid returns over the last few months and may actually be approaching a breakup point.

Apple and GoPro Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  GoPro Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.34 times more return on investment than GoPro. However, Apple is 2.95 times less risky than GoPro. It trades about 0.29 of its potential returns per unit of risk. GoPro is currently generating about 0.07 per unit of risk. If you would invest  20,650  in Apple on October 15, 2019 and sell it today you would earn a total of  5,797  from holding Apple or generate 28.07% return on investment over 30 days.

Pair Corralation between Apple and GoPro

0.08
Time Period3 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Apple and GoPro

Apple Inc diversification synergy

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and GoPro Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on GoPro 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 GoPro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoPro has no effect on the direction of Apple i.e. Apple and GoPro go up and down completely randomly.
See also your portfolio center. Please also try Balance Of Power module to check stock momentum by analyzing balance of power indicator and other technical ratios.


 
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