Correlation Analysis Between Alcoa and Sprint

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

Alcoa  
00

Risk-Adjusted Performance

Over the last 30 days Alcoa Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in June 2019. The current disturbance may also be a sign of long term up-swing for the company investors.
Sprint  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Sprint Corporation are ranked lower than 7 (%) 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.

Alcoa and Sprint Volatility Contrast

 Predicted Return Density 
      Returns 

Alcoa Corp.  vs.  Sprint Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Alcoa Corporation is expected to under-perform the Sprint. But the stock apears to be less risky and, when comparing its historical volatility, Alcoa Corporation is 1.67 times less risky than Sprint. The stock trades about -0.14 of its potential returns per unit of risk. The Sprint Corporation is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  625.00  in Sprint Corporation on April 21, 2019 and sell it today you would earn a total of  93.00  from holding Sprint Corporation or generate 14.88% return on investment over 30 days.

Pair Corralation between Alcoa and Sprint

0.05
Time Period2 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Alcoa and Sprint

Alcoa Corp. diversification synergy

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Alcoa Corp. and Sprint Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Sprint and Alcoa 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 Alcoa Corporation 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 Alcoa i.e. Alcoa and Sprint go up and down completely randomly.
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