Correlation Between Apple and Norma Group
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By analyzing existing cross correlation between Apple Inc and Norma Group AG, you can compare the effects of market volatilities on Apple and Norma Group 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 Norma Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and Norma Group.
Diversification Opportunities for Apple and Norma Group
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apple and Norma is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and Norma Group AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Norma Group AG 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 Norma Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Norma Group AG has no effect on the direction of Apple i.e., Apple and Norma Group go up and down completely randomly.
Pair Corralation between Apple and Norma Group
Assuming the 90 days trading horizon Apple Inc is expected to generate 0.72 times more return on investment than Norma Group. However, Apple Inc is 1.39 times less risky than Norma Group. It trades about 0.07 of its potential returns per unit of risk. Norma Group AG is currently generating about -0.01 per unit of risk. If you would invest 13,894 in Apple Inc on September 3, 2024 and sell it today you would earn a total of 8,556 from holding Apple Inc or generate 61.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apple Inc vs. Norma Group AG
Performance |
| Timeline |
| Apple Inc |
| Norma Group AG |
Apple and Norma Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apple and Norma Group
The main advantage of trading using opposite Apple and Norma Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, Norma Group 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 Norma Group will offset losses from the drop in Norma Group's long position.| Apple vs. Perseus Mining Limited | Apple vs. Citic Telecom International | Apple vs. Consolidated Communications Holdings | Apple vs. Entravision Communications |
| Norma Group vs. METTLER TOLEDO INTL | Norma Group vs. METTLER TOLEDO INTL | Norma Group vs. Mitie Group PLC | Norma Group vs. LODESTAR MIN |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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