Correlation Analysis Between Microsoft and Agilent Technologies

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

Microsoft  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Microsoft Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively unchanging essential indicators, Microsoft is not utilizing all of its potentials. The existing stock price uproar, may contribute to short horizon losses for the leadership.
Agilent Technologies  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat strong basic indicators, Agilent Technologies is not utilizing all of its potentials. The prevalent stock price disturbance, may contribute to short term losses for the investors.

Microsoft and Agilent Technologies Volatility Contrast

 Predicted Return Density 
      Returns 

Microsoft Corp.  vs.  Agilent Technologies Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Microsoft is expected to generate 3.39 times less return on investment than Agilent Technologies. But when comparing it to its historical volatility, Microsoft Corporation is 1.29 times less risky than Agilent Technologies. It trades about 0.02 of its potential returns per unit of risk. Agilent Technologies is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  7,316  in Agilent Technologies on August 19, 2019 and sell it today you would earn a total of  324.00  from holding Agilent Technologies or generate 4.43% return on investment over 30 days.

Pair Corralation between Microsoft and Agilent Technologies

0.85
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Microsoft and Agilent Technologies

Microsoft Corp. diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Microsoft Corp. and Agilent Technologies Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies and Microsoft 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 Microsoft Corporation are associated (or correlated) with Agilent Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilent Technologies has no effect on the direction of Microsoft i.e. Microsoft and Agilent Technologies go up and down completely randomly.
See also your portfolio center. Please also try Companies Directory module to evaluate performance of over 100,000 stocks, funds, and etfs against different fundamentals.


 
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