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  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 6 (%) 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.
GoPro  
00

Risk-Adjusted Performance

Over the last 30 days GoPro has generated negative risk-adjusted returns adding no value to investors with long positions. Allthough conflicting performance in the last few months, the Stock's forward indicators remain quite persistent which may send shares a bit higher in September 2019. The existing mess may also be a sign of long standing up-swing for the corporation partners.

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 0.69 times more return on investment than GoPro. However, Apple is 1.45 times less risky than GoPro. It trades about 0.1 of its potential returns per unit of risk. GoPro is currently generating about -0.28 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  1,465  from holding Apple or generate 7.38% return on investment over 30 days.

Pair Corralation between Apple and GoPro

-0.05
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Apple and GoPro

Apple Inc diversification synergy

Good 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 Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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