Correlation Analysis Between Apple and Eastman Kodak

This module allows you to analyze existing cross correlation between Apple and Eastman Kodak Company. You can compare the effects of market volatilities on Apple and Eastman Kodak 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 Eastman Kodak. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Eastman Kodak.
Horizon     30 Days    Login   to change
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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.
Eastman Kodak  
00

Risk-Adjusted Performance

Over the last 30 days Eastman Kodak Company has generated negative risk-adjusted returns adding no value to investors with long positions. Regardless of conflicting performance in the last few months, the Stock's technical and fundamental indicators remain fairly consistent which may send shares a bit higher in September 2019. The prevailing confusion may also be a sign of long-lasting up-swing for the organization traders.

Apple and Eastman Kodak Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  Eastman Kodak Company

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.67 times more return on investment than Eastman Kodak. However, Apple is 1.5 times less risky than Eastman Kodak. It trades about 0.09 of its potential returns per unit of risk. Eastman Kodak Company is currently generating about -0.14 per unit of risk. If you would invest  19,946  in Apple on July 20, 2019 and sell it today you would earn a total of  1,250  from holding Apple or generate 6.27% return on investment over 30 days.

Pair Corralation between Apple and Eastman Kodak

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

Diversification Opportunities for Apple and Eastman Kodak

Apple Inc diversification synergy

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and Eastman Kodak Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Eastman Kodak 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 Eastman Kodak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastman Kodak has no effect on the direction of Apple i.e. Apple and Eastman Kodak go up and down completely randomly.
See also your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.


 
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