Correlation Analysis Between CVS Health and Home Depot

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

CVS Health Corp.  vs.  The Home Depot Inc

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  17,985  in The Home Depot on September 20, 2018 and sell it today you would earn a total of  0.00  from holding The Home Depot or generate 0.0% return on investment over 30 days.

Pair Corralation between CVS Health and Home Depot

0.0
Time Period1 Month [change]
DirectionFlat 
StrengthInsignificant
Accuracy4.55%
ValuesDaily Returns

Diversification

Pay attention

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

Comparative Volatility

CVS Health  
0 

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.
The Home Depot  
0 

Risk-Adjusted Performance

Over the last 30 days The Home Depot 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
$1115.69

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