Correlation Analysis Between IRobot and Apple

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

IRobot  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in IRobot Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively unchanging essential indicators, IRobot is not utilizing all of its potentials. The current stock price uproar, may contribute to short horizon losses for the leadership.
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.

IRobot and Apple Volatility Contrast

 Predicted Return Density 
    
  Returns 

IRobot Corp.  vs.  Apple

 Performance (%) 
    
  Timeline 

Pair Volatility

Given the investment horizon of 30 days, IRobot is expected to generate 7.18 times less return on investment than Apple. In addition to that, IRobot is 2.62 times more volatile than Apple. It trades about 0.02 of its total potential returns per unit of risk. Apple is currently generating about 0.42 per unit of volatility. If you would invest  23,996  in Apple on December 21, 2019 and sell it today you would earn a total of  7,877  from holding Apple or generate 32.83% return on investment over 30 days.

Pair Corralation between IRobot and Apple

0.04
Time Period3 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for IRobot and Apple

IRobot Corp. diversification synergy

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding IRobot Corp. and Apple in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple and IRobot 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 IRobot Corporation 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 IRobot i.e. IRobot and Apple go up and down completely randomly.
See also your portfolio center. Please also try Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.