Correlation Analysis Between CVS Health and Apple

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

Comparative Performance

CVS Health  

Risk-Adjusted Performance

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

Risk-Adjusted Performance

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

CVS Health and Apple Volatility Contrast

 Predicted Return Density 

CVS Health Corp.  vs.  Apple Inc

 Performance (%) 

Pair Volatility

Considering 30-days investment horizon, CVS Health is expected to generate 4.93 times less return on investment than Apple. But when comparing it to its historical volatility, CVS Health Corporation is 1.27 times less risky than Apple. It trades about 0.04 of its potential returns per unit of risk. Apple is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  14,683  in Apple on January 21, 2019 and sell it today you would earn a total of  2,587  from holding Apple or generate 17.62% return on investment over 30 days.

Pair Corralation between CVS Health and Apple

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for CVS Health and Apple

CVS Health Corp. diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding CVS Health Corp. and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and CVS Health 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 CVS Health Corporation 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 CVS Health i.e. CVS Health and Apple go up and down completely randomly.

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