Correlation Analysis Between Home Depot and Sprint

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

Home Depot  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Home Depot are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. In spite of rather sluggish fundamental drivers, Home Depot may actually be approaching a critical reversion point that can send shares even higher in November 2019.
Sprint  
00

Risk-Adjusted Performance

Over the last 30 days Sprint Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively invariable forward-looking signals, Sprint is not utilizing all of its potentials. The prevalent stock price agitation, may contribute to short term losses for the management.

Home Depot and Sprint Volatility Contrast

 Predicted Return Density 
      Returns 

Home Depot Inc  vs.  Sprint Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Home Depot is expected to generate 0.6 times more return on investment than Sprint. However, Home Depot is 1.66 times less risky than Sprint. It trades about 0.12 of its potential returns per unit of risk. Sprint Corporation is currently generating about -0.04 per unit of risk. If you would invest  21,315  in Home Depot on September 16, 2019 and sell it today you would earn a total of  2,185  from holding Home Depot or generate 10.25% return on investment over 30 days.

Pair Corralation between Home Depot and Sprint

-0.46
Time Period3 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Home Depot and Sprint

Home Depot Inc diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Home Depot Inc and Sprint Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Sprint 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 Home Depot are associated (or correlated) with Sprint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprint has no effect on the direction of Home Depot i.e. Home Depot and Sprint go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.


 
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