Correlation Analysis Between Best Buy and Alcoa

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

Best Buy Co Inc  vs.  Alcoa Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Best Buy Co is expected to under-perform the Alcoa. But the stock apears to be less risky and, when comparing its historical volatility, Best Buy Co is 1.37 times less risky than Alcoa. The stock trades about -0.35 of its potential returns per unit of risk. The Alcoa Corporation is currently generating about -0.18 of returns per unit of risk over similar time horizon. If you would invest  4,379  in Alcoa Corporation on September 21, 2018 and sell it today you would lose (544.00)  from holding Alcoa Corporation or give up 12.42% of portfolio value over 30 days.

Pair Corralation between Best Buy and Alcoa

0.49
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy88.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Best Buy Co  
0 

Risk-Adjusted Performance

Over the last 30 days Best Buy Co has generated negative risk-adjusted returns adding no value to investors with long positions.
Alcoa  
0 

Risk-Adjusted Performance

Over the last 30 days Alcoa Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$0.0
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