Correlation Analysis Between Apple and iRobot

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

Apple  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 4 (%) 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.
iRobot  
00

Risk-Adjusted Performance

Over the last 30 days iRobot Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of conflicting performance in the last few months, the Stock's essential indicators remain comparatively unchanging which may send shares a bit higher in September 2019. The late uproar may also be a sign of mid-term up-swing for the firm leadership.

Apple and iRobot Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  iRobot Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.59 times more return on investment than iRobot. However, Apple is 1.71 times less risky than iRobot. It trades about 0.07 of its potential returns per unit of risk. iRobot Corporation is currently generating about -0.26 per unit of risk. If you would invest  19,787  in Apple on July 19, 2019 and sell it today you would earn a total of  863.00  from holding Apple or generate 4.36% return on investment over 30 days.

Pair Corralation between Apple and iRobot

-0.12
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for Apple and iRobot

Apple Inc diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and iRobot Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on iRobot 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 iRobot. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iRobot has no effect on the direction of Apple i.e. Apple and iRobot go up and down completely randomly.
See also your portfolio center. Please also try Companies Directory module to evaluate performance of over 100,000 stocks, funds, and etfs against different fundamentals.


 
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