This module allows you to analyze existing cross correlation between Sprint Corporation and CVS Health Corporation. You can compare the effects of market volatilities on Sprint and CVS Health 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 Sprint with a short position of CVS Health. See also your portfolio center. Please also check ongoing floating volatility patterns of Sprint and CVS Health.
|Horizon||30 Days Login to change|
Compared to the overall equity markets, risk-adjusted returns on investments in Sprint Corporation are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively fragile forward-looking signals, Sprint reported solid returns over the last few months and may actually be approaching a breakup point.
Over the last 30 days CVS Health Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively invariable forward-looking signals, CVS Health is not utilizing all of its potentials. The prevalent stock price agitation, may contribute to short running losses for the management.
Sprint and CVS Health Volatility Contrast
Predicted Return Density
Sprint Corp. vs. CVS Health Corp.
Taking into account the 30 trading days horizon, Sprint Corporation is expected to generate 2.57 times more return on investment than CVS Health. However, Sprint is 2.57 times more volatile than CVS Health Corporation. It trades about 0.07 of its potential returns per unit of risk. CVS Health Corporation is currently generating about -0.05 per unit of risk. If you would invest 629.00 in Sprint Corporation on April 24, 2019 and sell it today you would earn a total of 57.00 from holding Sprint Corporation or generate 9.06% return on investment over 30 days.
Pair Corralation between Sprint and CVS Health
|Time Period||2 Months [change]|
Diversification Opportunities for Sprint and CVS Health
Overlapping area represents the amount of risk that can be diversified away by holding Sprint Corp. and CVS Health Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CVS Health and Sprint 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 Sprint Corporation are associated (or correlated) with CVS Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CVS Health has no effect on the direction of Sprint i.e. Sprint and CVS Health go up and down completely randomly.
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