Correlation Analysis Between CVS Health and Alcoa

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

CVS Health  
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Risk-Adjusted Performance

Over the last 30 days CVS Health Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively invariable forward-looking signals, CVS Health is not utilizing all of its potentials. The prevalent stock price agitation, may contribute to short running losses for the management.
Alcoa  
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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 somewhat strong basic indicators, Alcoa is not utilizing all of its potentials. The prevalent stock price disturbance, may contribute to short term losses for the investors.

CVS Health and Alcoa Volatility Contrast

CVS Health Corp.  vs.  Alcoa Corp.

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest (100.00)  in Alcoa Corporation on May 21, 2019 and sell it today you would earn a total of  100.00  from holding Alcoa Corporation or generate -100.0% return on investment over 30 days.

Pair Corralation between CVS Health and Alcoa

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CVS Health and Alcoa

CVS Health Corp. diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding CVS Health Corp. and Alcoa Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Alcoa and CVS Health 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 CVS Health Corporation 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 CVS Health i.e. CVS Health and Alcoa go up and down completely randomly.
See also your portfolio center. Please also try Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.


 
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