Correlation Analysis Between Home Depot and Apple

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

Home Depot  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in The Home Depot are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of rather sound fundamental drivers, Home Depot is not utilizing all of its potentials. The new stock price tumult, may contribute to shorter-term losses for the shareholders.
Apple  
00

Risk-Adjusted Performance

Over the last 30 days Apple has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Apple is not utilizing all of its potentials. The existing stock price chaos, may contribute to medium term losses for the stakeholders.

Home Depot and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

The Home Depot Inc  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, The Home Depot is expected to generate 0.63 times more return on investment than Apple. However, The Home Depot is 1.6 times less risky than Apple. It trades about 0.02 of its potential returns per unit of risk. Apple is currently generating about -0.06 per unit of risk. If you would invest  18,968  in The Home Depot on April 24, 2019 and sell it today you would earn a total of  103.00  from holding The Home Depot or generate 0.54% return on investment over 30 days.

Pair Corralation between Home Depot and Apple

0.79
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Home Depot and Apple

The Home Depot Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding The Home Depot Inc and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and Home Depot 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 The Home Depot 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 Home Depot i.e. Home Depot and Apple go up and down completely randomly.
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