Correlation Between Apple and HAGA SA
Can any of the company-specific risk be diversified away by investing in both Apple and HAGA SA 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 HAGA SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apple Inc and HAGA SA Indstria, you can compare the effects of market volatilities on Apple and HAGA SA 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 HAGA SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and HAGA SA.
Diversification Opportunities for Apple and HAGA SA
Very good diversification
The 3 months correlation between Apple and HAGA is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and HAGA SA Indstria in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HAGA SA Indstria 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 HAGA SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HAGA SA Indstria has no effect on the direction of Apple i.e., Apple and HAGA SA go up and down completely randomly.
Pair Corralation between Apple and HAGA SA
Assuming the 90 days trading horizon Apple Inc is expected to generate 1.28 times more return on investment than HAGA SA. However, Apple is 1.28 times more volatile than HAGA SA Indstria. It trades about 0.02 of its potential returns per unit of risk. HAGA SA Indstria is currently generating about -0.02 per unit of risk. If you would invest 6,942 in Apple Inc on November 18, 2024 and sell it today you would earn a total of 38.00 from holding Apple Inc or generate 0.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apple Inc vs. HAGA SA Indstria
Performance |
| Timeline |
| Apple Inc |
| HAGA SA Indstria |
Apple and HAGA SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apple and HAGA SA
The main advantage of trading using opposite Apple and HAGA SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, HAGA SA 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 HAGA SA will offset losses from the drop in HAGA SA's long position.| Apple vs. Align Technology | Apple vs. United Natural Foods, | Apple vs. TC Traders Club | Apple vs. Take Two Interactive Software |
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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