Correlation Analysis Between Guitammer and Apple

Analyzing existing cross correlation between Guitammer CO and Apple. You can compare the effects of market volatilities on Guitammer 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 Guitammer with a short position of Apple. See also your portfolio center. Please also check ongoing floating volatility patterns of Guitammer and Apple.
Horizon     30 Days    Login   to change
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Comparative Performance

Guitammer CO  
99

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Guitammer CO are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Guitammer revealed solid returns over the last few months and may actually be approaching a breakup point.
Apple  
2828

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 28 (%) 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.

Guitammer and Apple Volatility Contrast

 Predicted Return Density 
    
  Returns 

Guitammer CO  vs.  Apple

 Performance (%) 
    
  Timeline 

Pair Volatility

Given the investment horizon of 30 days, Guitammer CO is expected to generate 12.53 times more return on investment than Apple. However, Guitammer is 12.53 times more volatile than Apple. It trades about 0.13 of its potential returns per unit of risk. Apple is currently generating about 0.42 per unit of risk. If you would invest  0.48  in Guitammer CO on December 21, 2019 and sell it today you would earn a total of  0.47  from holding Guitammer CO or generate 97.92% return on investment over 30 days.

Pair Corralation between Guitammer and Apple

0.27
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for Guitammer and Apple

Guitammer CO diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Guitammer CO and Apple in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Guitammer 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 Guitammer 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 Guitammer i.e. Guitammer and Apple go up and down completely randomly.
See also your portfolio center. Please also try Watchlist Optimization module to optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm.