Correlation Analysis Between Apple and Chevron

This module allows you to analyze existing cross correlation between Apple and Chevron Corporation. You can compare the effects of market volatilities on Apple and Chevron 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 Chevron. See also your portfolio center. Please also check ongoing floating volatility patterns of Apple and Chevron.
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.
Chevron  
13

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Chevron Corporation are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Apple and Chevron Volatility Contrast

 Predicted Return Density 
      Returns 

Apple Inc  vs.  Chevron Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Apple is expected to generate 1.42 times more return on investment than Chevron. However, Apple is 1.42 times more volatile than Chevron Corporation. It trades about 0.15 of its potential returns per unit of risk. Chevron Corporation is currently generating about 0.21 per unit of risk. If you would invest  14,683  in Apple on January 23, 2019 and sell it today you would earn a total of  2,566  from holding Apple or generate 17.48% return on investment over 30 days.

Pair Corralation between Apple and Chevron

0.81
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Apple and Chevron

Apple Inc diversification synergy

Very poor diversification

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

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See also your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.


 
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