Pair Correlation Between CVS Health and Apple

This module allows you to analyze existing cross correlation between CVS Health Corporation and Apple Inc. You can compare the effects of market volatilities on CVS Health and Apple 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 Apple. See also your portfolio center. Please also check ongoing floating volatility patterns of CVS Health and Apple.
Investment Horizon     30 Days    Login   to change
 CVS Health Corp.  vs   Apple Inc.
 Performance (%) 
Benchmark  Embed    Timeline 

Pair Volatility

Considering 30-days investment horizon, CVS Health Corporation is expected to generate 1.62 times more return on investment than Apple. However, CVS Health is 1.62 times more volatile than Apple Inc. It trades about 0.27 of its potential returns per unit of risk. Apple Inc is currently generating about -0.02 per unit of risk. If you would invest  7,876  in CVS Health Corporation on March 29, 2017 and sell it today you would earn a total of  403.00  from holding CVS Health Corporation or generate 5.12% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between CVS Health and Apple


Time Period1 Month [change]
StrengthVery Weak
ValuesDaily Returns


Modest diversification

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

Comparative Volatility

 Predicted Return Density 
Benchmark  Embed    Returns 

CVS Health


Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CVS Health Corporation are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Apple Inc


Risk-Adjusted Performance

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