Correlation Analysis Between Apple and Mohawk Group

Analyzing existing cross correlation between Apple and Mohawk Group Holdings. You can compare the effects of market volatilities on Apple and Mohawk Group 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 Mohawk Group. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Mohawk Group.
Horizon     30 Days    Login   to change
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Comparative Performance

Apple  
2727

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 27 (%) of all global equities and portfolios over the last 30 days. Even with considerably uncertain technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.
Mohawk Group Holdings  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Mohawk Group Holdings are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Regardless of fairly conflicting technical and fundamental indicators, Mohawk Group may actually be approaching a critical reversion point that can send shares even higher in February 2020.

Apple and Mohawk Group Volatility Contrast

 Predicted Return Density 
    
  Returns 

Apple  vs.  Mohawk Group Holdings

 Performance (%) 
    
  Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 0.13 times more return on investment than Mohawk Group. However, Apple is 7.59 times less risky than Mohawk Group. It trades about 0.41 of its potential returns per unit of risk. Mohawk Group Holdings is currently generating about 0.02 per unit of risk. If you would invest  24,051  in Apple on December 18, 2019 and sell it today you would earn a total of  7,580  from holding Apple or generate 31.52% return on investment over 30 days.

Pair Corralation between Apple and Mohawk Group

-0.3
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy76.83%
ValuesDaily Returns

Diversification Opportunities for Apple and Mohawk Group

Apple diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple and Mohawk Group Holdings in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Mohawk Group Holdings 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 Mohawk Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mohawk Group Holdings has no effect on the direction of Apple i.e. Apple and Mohawk Group go up and down completely randomly.
See also your portfolio center. Please also try Equity Analysis module to research over 250,000 global equities including funds, stocks and etfs to find investment opportunities.