Correlation Analysis Between Facebook and Harris

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

Facebook Inc  vs.  Harris Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Facebook is expected to generate 1.83 times more return on investment than Harris. However, Facebook is 1.83 times more volatile than Harris Corporation. It trades about 0.19 of its potential returns per unit of risk. Harris Corporation is currently generating about 0.26 per unit of risk. If you would invest  19,749  in Facebook on June 19, 2018 and sell it today you would earn a total of  1,187  from holding Facebook or generate 6.01% return on investment over 30 days.

Pair Corralation between Facebook and Harris

0.67
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Facebook  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Facebook are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.
Harris  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Harris Corporation are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1195.88

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See also your portfolio center. Please also try Chance of Distress module to get analysis of equity chance of financial distress in the next 2 years.