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
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Comparative Performance

CVS Health  
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CVS Health Corporation are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively fragile forward-looking signals, CVS Health reported solid returns over the last few months and may actually be approaching a breakup point.
Apple  
1616

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.

CVS Health and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

CVS Health Corp.  vs.  Apple

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, CVS Health is expected to generate 1.36 times less return on investment than Apple. In addition to that, CVS Health is 1.08 times more volatile than Apple. It trades about 0.17 of its total potential returns per unit of risk. Apple is currently generating about 0.25 per unit of volatility. If you would invest  22,309  in Apple on November 11, 2019 and sell it today you would earn a total of  4,768  from holding Apple or generate 21.37% return on investment over 30 days.

Pair Corralation between CVS Health and Apple

0.92
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy98.46%
ValuesDaily Returns

Diversification Opportunities for CVS Health and Apple

CVS Health Corp. diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding CVS Health Corp. and Apple 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.
See also your portfolio center. Please also try Companies Directory module to evaluate performance of over 100,000 stocks, funds, and etfs against different fundamentals.


 
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