Correlation Analysis Between Home Depot and Apple

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

Home Depot  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Home Depot are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. In spite of rather sound fundamental drivers, Home Depot is not utilizing all of its potentials. The prevalent stock price tumult, may contribute to shorter-term losses for the shareholders.
Apple  
00

Risk-Adjusted Performance

Over the last 30 days Apple has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Apple is not utilizing all of its potentials. The existing stock price chaos, may contribute to medium term losses for the stakeholders.

Home Depot and Apple Volatility Contrast

 Predicted Return Density 
      Returns 

Home Depot Inc  vs.  Apple Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Home Depot is expected to generate 0.69 times more return on investment than Apple. However, Home Depot is 1.44 times less risky than Apple. It trades about 0.07 of its potential returns per unit of risk. Apple is currently generating about -0.03 per unit of risk. If you would invest  20,642  in Home Depot on July 26, 2019 and sell it today you would earn a total of  750.00  from holding Home Depot or generate 3.63% return on investment over 30 days.

Pair Corralation between Home Depot and Apple

0.62
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for Home Depot and Apple

Home Depot Inc diversification synergy

Poor diversification

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