Correlation Analysis Between Corning Incorporated and Acuity Brands

This module allows you to analyze existing cross correlation between Corning Incorporated and Acuity Brands. You can compare the effects of market volatilities on Corning Incorporated and Acuity Brands 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 Corning Incorporated with a short position of Acuity Brands. See also your portfolio center. Please also check ongoing floating volatility patterns of Corning Incorporated and Acuity Brands.
Horizon     30 Days    Login   to change
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Comparative Performance

Corning Incorporated  
00

Risk-Adjusted Performance

Over the last 30 days Corning Incorporated has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly stable primary indicators, Corning Incorporated is not utilizing all of its potentials. The continuing stock price fuss, may contribute to near short-term losses for the directors.
Acuity Brands  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Acuity Brands are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite nearly abnormal fundamental indicators, Acuity Brands may actually be approaching a critical reversion point that can send shares even higher in October 2019.

Corning Incorporated and Acuity Brands Volatility Contrast

 Predicted Return Density 
      Returns 

Corning Incorporated  vs.  Acuity Brands Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Corning Incorporated is expected to under-perform the Acuity Brands. But the stock apears to be less risky and, when comparing its historical volatility, Corning Incorporated is 1.08 times less risky than Acuity Brands. The stock trades about -0.02 of its potential returns per unit of risk. The Acuity Brands is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  13,168  in Acuity Brands on August 16, 2019 and sell it today you would earn a total of  748.00  from holding Acuity Brands or generate 5.68% return on investment over 30 days.

Pair Corralation between Corning Incorporated and Acuity Brands

0.97
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Corning Incorporated and Acuity Brands

Corning Incorporated diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Corning Incorporated and Acuity Brands Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Acuity Brands and Corning Incorporated 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 Corning Incorporated are associated (or correlated) with Acuity Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acuity Brands has no effect on the direction of Corning Incorporated i.e. Corning Incorporated and Acuity Brands go up and down completely randomly.
See also your portfolio center. Please also try Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..


 
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