Correlation Between Apple and CompuGroup Medical
Can any of the company-specific risk be diversified away by investing in both Apple and CompuGroup Medical at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Apple and CompuGroup Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apple Inc and CompuGroup Medical SE, you can compare the effects of market volatilities on Apple and CompuGroup Medical 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 Apple with a short position of CompuGroup Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and CompuGroup Medical.
Diversification Opportunities for Apple and CompuGroup Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apple and CompuGroup is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and CompuGroup Medical SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CompuGroup Medical and Apple 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 Apple Inc are associated (or correlated) with CompuGroup Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CompuGroup Medical has no effect on the direction of Apple i.e., Apple and CompuGroup Medical go up and down completely randomly.
Pair Corralation between Apple and CompuGroup Medical
If you would invest 22,267 in Apple Inc on September 2, 2024 and sell it today you would earn a total of 1,466 from holding Apple Inc or generate 6.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Apple Inc vs. CompuGroup Medical SE
Performance |
| Timeline |
| Apple Inc |
| CompuGroup Medical |
Apple and CompuGroup Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apple and CompuGroup Medical
The main advantage of trading using opposite Apple and CompuGroup Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, CompuGroup Medical can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in CompuGroup Medical will offset losses from the drop in CompuGroup Medical's long position.| Apple vs. Rigetti Computing | Apple vs. D Wave Quantum | Apple vs. Desktop Metal | Apple vs. Quantum Computing |
| CompuGroup Medical vs. Legacy Education | CompuGroup Medical vs. Apple Inc | CompuGroup Medical vs. NVIDIA | CompuGroup Medical vs. Microsoft |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Stocks Directory Find actively traded stocks across global markets |