Correlation Analysis Between Hamilton Beach and Apple

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

Hamilton Beach Brands  
00

Risk-Adjusted Performance

Over the last 30 days Hamilton Beach Brands Holding C has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest conflicting performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.
Apple  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Even with considerably conflicting technical indicators, Apple may actually be approaching a critical reversion point that can send shares even higher in September 2019.

Hamilton Beach and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

Hamilton Beach Brands Holding   vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Hamilton Beach Brands Holding C is expected to under-perform the Apple. In addition to that, Hamilton Beach is 1.9 times more volatile than Apple. It trades about -0.04 of its total potential returns per unit of risk. Apple is currently generating about 0.08 per unit of volatility. If you would invest  19,858  in Apple on July 22, 2019 and sell it today you would earn a total of  1,178  from holding Apple or generate 5.93% return on investment over 30 days.

Pair Corralation between Hamilton Beach and Apple

-0.18
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy76.36%
ValuesDaily Returns

Diversification Opportunities for Hamilton Beach and Apple

Hamilton Beach Brands Holding  diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Beach Brands Holding and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Hamilton Beach 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 Hamilton Beach Brands Holding C 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 Hamilton Beach i.e. Hamilton Beach and Apple go up and down completely randomly.
See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.


 
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