Correlation Analysis Between Apple and Best Buy

This module allows you to analyze existing cross correlation between Apple and Best Buy Co. You can compare the effects of market volatilities on Apple and Best Buy 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 Apple with a short position of Best Buy. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Best Buy.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

Apple  
10

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.
Best Buy  
18

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Best Buy Co are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Apple and Best Buy Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  Best Buy Co Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 1.31 times less return on investment than Best Buy. In addition to that, Apple is 1.4 times more volatile than Best Buy Co. It trades about 0.15 of its total potential returns per unit of risk. Best Buy Co is currently generating about 0.28 per unit of volatility. If you would invest  4,824  in Best Buy Co on January 23, 2019 and sell it today you would earn a total of  1,214  from holding Best Buy Co or generate 25.17% return on investment over 30 days.

Pair Corralation between Apple and Best Buy

0.65
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Apple and Best Buy

Apple Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and Best Buy Co Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Best Buy and Apple 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 Apple are associated (or correlated) with Best Buy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Best Buy has no effect on the direction of Apple i.e. Apple and Best Buy go up and down completely randomly.

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.


 
Search macroaxis.com