Correlation Analysis Between Best Buy and Apple

This module allows you to analyze existing cross correlation between Best Buy Co and Apple. You can compare the effects of market volatilities on Best Buy and Apple 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 Best Buy with a short position of Apple. See also your portfolio center. Please also check ongoing floating volatility patterns of Best Buy and Apple.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

Best Buy  
0

Risk-Adjusted Performance

Over the last 30 days Best Buy Co has generated negative risk-adjusted returns adding no value to investors with long positions.
Apple  
0

Risk-Adjusted Performance

Over the last 30 days Apple has generated negative risk-adjusted returns adding no value to investors with long positions.

Best Buy and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

Best Buy Co Inc  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Best Buy Co is expected to under-perform the Apple. In addition to that, Best Buy is 1.08 times more volatile than Apple. It trades about -0.25 of its total potential returns per unit of risk. Apple is currently generating about -0.27 per unit of volatility. If you would invest  22,215  in Apple on November 15, 2018 and sell it today you would lose (5,667)  from holding Apple or give up 25.51% of portfolio value over 30 days.

Pair Corralation between Best Buy and Apple

0.91
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Best Buy and Apple

Best Buy Co Inc diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Best Buy Co Inc and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Best Buy 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 Best Buy Co are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple has no effect on the direction of Best Buy i.e. Best Buy and Apple go up and down completely randomly.

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