Correlation Analysis Between Chevron and Home Depot

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

Chevron  
00

Risk-Adjusted Performance

Over the last 30 days Chevron Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, Chevron is not utilizing all of its potentials. The ongoing stock price disturbance, may contribute to short term losses for the investors.
Home Depot  
00

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. In spite of rather sound fundamental drivers, Home Depot is not utilizing all of its potentials. The new stock price tumult, may contribute to shorter-term losses for the shareholders.

Chevron and Home Depot Volatility Contrast

Chevron Corp.  vs.  The Home Depot Inc

 Performance (%) 
      Timeline 

Pair Volatility

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

Pair Corralation between Chevron and Home Depot

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

Diversification Opportunities for Chevron and Home Depot

Chevron Corp. diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp. and The Home Depot Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Home Depot and Chevron 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 Chevron 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 Home Depot has no effect on the direction of Chevron i.e. Chevron and Home Depot go up and down completely randomly.
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