Correlation Analysis Between Apple and Hamilton Beach

This module allows you to analyze existing cross correlation between Apple and Hamilton Beach Brands Holding C. You can compare the effects of market volatilities on Apple and Hamilton Beach 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 Hamilton Beach. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Hamilton Beach.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Apple  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. Even with considerably conflicting technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.
Hamilton Beach Brands  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hamilton Beach Brands Holding C are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Despite somewhat sluggish basic indicators, Hamilton Beach sustained solid returns over the last few months and may actually be approaching a breakup point.

Apple and Hamilton Beach Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  Hamilton Beach Brands Holding

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 1.14 times less return on investment than Hamilton Beach. But when comparing it to its historical volatility, Apple is 1.84 times less risky than Hamilton Beach. It trades about 0.16 of its potential returns per unit of risk. Hamilton Beach Brands Holding C is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  1,551  in Hamilton Beach Brands Holding C on September 23, 2019 and sell it today you would earn a total of  278.00  from holding Hamilton Beach Brands Holding C or generate 17.92% return on investment over 30 days.

Pair Corralation between Apple and Hamilton Beach

0.81
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Apple and Hamilton Beach

Apple Inc diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and Hamilton Beach Brands Holding in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hamilton Beach Brands 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 Hamilton Beach. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hamilton Beach Brands has no effect on the direction of Apple i.e. Apple and Hamilton Beach go up and down completely randomly.
See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.


 
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