This module allows you to analyze existing cross correlation between Apple and Sprint Corporation. You can compare the effects of market volatilities on Apple and Sprint 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 Sprint. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Sprint.
|Horizon||30 Days Login to change|
Over the last 30 days Apple has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Apple is not utilizing all of its potentials. The existing stock price chaos, may contribute to medium term losses for the stakeholders.
Compared to the overall equity markets, risk-adjusted returns on investments in Sprint Corporation are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively fragile forward-looking signals, Sprint reported solid returns over the last few months and may actually be approaching a breakup point.
Apple and Sprint Volatility Contrast
Predicted Return Density
Apple Inc vs. Sprint Corp.
Given the investment horizon of 30 days, Apple is expected to under-perform the Sprint. But the stock apears to be less risky and, when comparing its historical volatility, Apple is 2.44 times less risky than Sprint. The stock trades about -0.06 of its potential returns per unit of risk. The Sprint Corporation is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 629.00 in Sprint Corporation on April 24, 2019 and sell it today you would earn a total of 57.00 from holding Sprint Corporation or generate 9.06% return on investment over 30 days.
Pair Corralation between Apple and Sprint
|Time Period||2 Months [change]|
Diversification Opportunities for Apple and Sprint
Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and Sprint Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Sprint 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 Sprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprint has no effect on the direction of Apple i.e. Apple and Sprint go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.