Correlation Analysis Between Sprint and Alcoa

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


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.

Risk-Adjusted Performance

Over the last 30 days Alcoa Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in July 2019. The current disturbance may also be a sign of long term up-swing for the company investors.

Sprint and Alcoa Volatility Contrast

 Predicted Return Density 

Sprint Corp.  vs.  Alcoa Corp.

 Performance (%) 

Pair Volatility

Taking into account the 30 trading days horizon, Sprint Corporation is expected to generate 1.9 times more return on investment than Alcoa. However, Sprint is 1.9 times more volatile than Alcoa Corporation. It trades about 0.15 of its potential returns per unit of risk. Alcoa Corporation is currently generating about -0.27 per unit of risk. If you would invest  564.00  in Sprint Corporation on May 17, 2019 and sell it today you would earn a total of  137.00  from holding Sprint Corporation or generate 24.29% return on investment over 30 days.

Pair Corralation between Sprint and Alcoa

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for Sprint and Alcoa

Sprint Corp. diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Sprint Corp. and Alcoa Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Alcoa 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 Alcoa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alcoa has no effect on the direction of Sprint i.e. Sprint and Alcoa go up and down completely randomly.
See also your portfolio center. Please also try CEO Directory module to screen ceos from public companies around the world.