Correlation Analysis Between Automatic Data and Korn Ferry

Analyzing existing cross correlation between Automatic Data Processing and Korn Ferry. You can compare the effects of market volatilities on Automatic Data and Korn Ferry 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 Automatic Data with a short position of Korn Ferry. See also your portfolio center. Please also check ongoing floating volatility patterns of Automatic Data and Korn Ferry.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Automatic Data Proce  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Automatic Data Processing are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. Inspite very weak forward-looking indicators, Automatic Data may actually be approaching a critical reversion point that can send shares even higher in February 2020.
Korn Ferry  
1616

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Korn Ferry are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, Korn Ferry showed solid returns over the last few months and may actually be approaching a breakup point.

Automatic Data and Korn Ferry Volatility Contrast

 Predicted Return Density 
    
  Returns 

Automatic Data Processing Inc  vs.  Korn Ferry

 Performance (%) 
    
  Timeline 

Pair Volatility

Considering 30-days investment horizon, Automatic Data is expected to generate 2.02 times less return on investment than Korn Ferry. But when comparing it to its historical volatility, Automatic Data Processing is 1.25 times less risky than Korn Ferry. It trades about 0.15 of its potential returns per unit of risk. Korn Ferry is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  3,678  in Korn Ferry on December 18, 2019 and sell it today you would earn a total of  660.00  from holding Korn Ferry or generate 17.94% return on investment over 30 days.

Pair Corralation between Automatic Data and Korn Ferry

0.67
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Automatic Data and Korn Ferry

Automatic Data Processing Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Automatic Data Processing Inc and Korn Ferry in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Korn Ferry and Automatic Data 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 Automatic Data Processing are associated (or correlated) with Korn Ferry. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Korn Ferry has no effect on the direction of Automatic Data i.e. Automatic Data and Korn Ferry go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.