Correlation Between Apple and Nasdaq CTA
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By analyzing existing cross correlation between Apple Inc and Nasdaq CTA Artificial, you can compare the effects of market volatilities on Apple and Nasdaq CTA 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 Nasdaq CTA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and Nasdaq CTA.
Diversification Opportunities for Apple and Nasdaq CTA
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Apple and Nasdaq is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and Nasdaq CTA Artificial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq CTA Artificial 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 Nasdaq CTA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq CTA Artificial has no effect on the direction of Apple i.e., Apple and Nasdaq CTA go up and down completely randomly.
Pair Corralation between Apple and Nasdaq CTA
Given the investment horizon of 90 days Apple is expected to generate 1.04 times less return on investment than Nasdaq CTA. But when comparing it to its historical volatility, Apple Inc is 1.28 times less risky than Nasdaq CTA. It trades about 0.18 of its potential returns per unit of risk. Nasdaq CTA Artificial is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 154,126 in Nasdaq CTA Artificial on September 19, 2024 and sell it today you would earn a total of 12,151 from holding Nasdaq CTA Artificial or generate 7.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.35% |
| Values | Daily Returns |
Apple Inc vs. Nasdaq CTA Artificial
Performance |
| Timeline |
Apple and Nasdaq CTA Volatility Contrast
Predicted Return Density |
| Returns |
Apple Inc
Pair trading matchups for Apple
Nasdaq CTA Artificial
Pair trading matchups for Nasdaq CTA
Pair Trading with Apple and Nasdaq CTA
The main advantage of trading using opposite Apple and Nasdaq CTA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, Nasdaq CTA 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 Nasdaq CTA will offset losses from the drop in Nasdaq CTA's long position.| Apple vs. Rigetti Computing | Apple vs. D Wave Quantum | Apple vs. Desktop Metal | Apple vs. Quantum Computing |
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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