Correlation Analysis Between Sprint and Home Depot

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

Sprint  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Sprint Corporation are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively fragile forward-looking signals, Sprint reported solid returns over the last few months and may actually be approaching a breakup point.
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.

Sprint and Home Depot Volatility Contrast

Sprint Corp.  vs.  The Home Depot Inc

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  588.00  in Sprint Corporation on May 21, 2019 and sell it today you would earn a total of  157.00  from holding Sprint Corporation or generate 26.7% return on investment over 30 days.

Pair Corralation between Sprint and Home Depot

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Diversification Opportunities for Sprint and Home Depot

Sprint Corp. diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Sprint 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 Sprint 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 Sprint 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 Sprint i.e. Sprint and Home Depot go up and down completely randomly.
See also your portfolio center. Please also try Technical Analysis module to check basic technical indicators and analysis based on most latest market data.


 
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