Correlation Between Hawkins and APPLE
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By analyzing existing cross correlation between Hawkins and APPLE INC, you can compare the effects of market volatilities on Hawkins and APPLE 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 Hawkins with a short position of APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawkins and APPLE.
Diversification Opportunities for Hawkins and APPLE
Very good diversification
The 3 months correlation between Hawkins and APPLE is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Hawkins and APPLE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC and Hawkins 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 Hawkins are associated (or correlated) with APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC has no effect on the direction of Hawkins i.e., Hawkins and APPLE go up and down completely randomly.
Pair Corralation between Hawkins and APPLE
Given the investment horizon of 90 days Hawkins is expected to generate 4.95 times more return on investment than APPLE. However, Hawkins is 4.95 times more volatile than APPLE INC. It trades about 0.19 of its potential returns per unit of risk. APPLE INC is currently generating about -0.17 per unit of risk. If you would invest 11,712 in Hawkins on August 31, 2024 and sell it today you would earn a total of 1,627 from holding Hawkins or generate 13.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Hawkins vs. APPLE INC
Performance |
| Timeline |
| Hawkins |
| APPLE INC |
Hawkins and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hawkins and APPLE
The main advantage of trading using opposite Hawkins and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawkins position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| Hawkins vs. H B Fuller | Hawkins vs. Minerals Technologies | Hawkins vs. Quaker Chemical | Hawkins vs. Oil Dri |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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