Correlation Between Sparinvest Europa and Apple
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sparinvest Europa Growth and Apple Inc, you can compare the effects of market volatilities on Sparinvest Europa 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 Sparinvest Europa with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sparinvest Europa and Apple.
Diversification Opportunities for Sparinvest Europa and Apple
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sparinvest and Apple is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Sparinvest Europa Growth and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Sparinvest Europa 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 Sparinvest Europa Growth 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 Inc has no effect on the direction of Sparinvest Europa i.e., Sparinvest Europa and Apple go up and down completely randomly.
Pair Corralation between Sparinvest Europa and Apple
Assuming the 90 days trading horizon Sparinvest Europa Growth is expected to under-perform the Apple. But the fund apears to be less risky and, when comparing its historical volatility, Sparinvest Europa Growth is 2.16 times less risky than Apple. The fund trades about -0.13 of its potential returns per unit of risk. The Apple Inc is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 16,971 in Apple Inc on January 26, 2024 and sell it today you would lose (69.00) from holding Apple Inc or give up 0.41% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 90.48% |
Values | Daily Returns |
Sparinvest Europa Growth vs. Apple Inc
Performance |
Timeline |
Sparinvest Europa Growth |
Apple Inc |
Sparinvest Europa and Apple Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sparinvest Europa and Apple
The main advantage of trading using opposite Sparinvest Europa and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sparinvest Europa position performs unexpectedly, Apple can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Apple will offset losses from the drop in Apple's long position.Sparinvest Europa vs. Jyske Invest Nye | Sparinvest Europa vs. Jyske Invest Nye | Sparinvest Europa vs. Jyske Invest Hjt | Sparinvest Europa vs. Jyske Invest Lange |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
CEOs Directory Screen CEOs from public companies around the world | |
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Money Managers Screen money managers from public funds and ETFs managed around the world | |
Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |