Correlation Between APPLE and Equinix
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By analyzing existing cross correlation between APPLE INC and Equinix, you can compare the effects of market volatilities on APPLE and Equinix 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 Equinix. Check out your portfolio center. Please also check ongoing floating volatility patterns of APPLE and Equinix.
Diversification Opportunities for APPLE and Equinix
Very good diversification
The 3 months correlation between APPLE and Equinix is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding APPLE INC and Equinix in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Equinix 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 Equinix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Equinix has no effect on the direction of APPLE i.e., APPLE and Equinix go up and down completely randomly.
Pair Corralation between APPLE and Equinix
Assuming the 90 days trading horizon APPLE is expected to generate 237.0 times less return on investment than Equinix. But when comparing it to its historical volatility, APPLE INC is 1.29 times less risky than Equinix. It trades about 0.0 of its potential returns per unit of risk. Equinix is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 78,581 in Equinix on September 3, 2024 and sell it today you would earn a total of 17,903 from holding Equinix or generate 22.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.19% |
| Values | Daily Returns |
APPLE INC vs. Equinix
Performance |
| Timeline |
| APPLE INC |
| Equinix |
APPLE and Equinix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with APPLE and Equinix
The main advantage of trading using opposite APPLE and Equinix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APPLE position performs unexpectedly, Equinix 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 Equinix will offset losses from the drop in Equinix's long position.| APPLE vs. CVW CleanTech | APPLE vs. Northstar Clean Technologies | APPLE vs. Western Asset Investment | APPLE vs. Emerson Radio |
| Equinix vs. Crown Castle | Equinix vs. American Tower Corp | Equinix vs. Iron Mountain Incorporated | Equinix vs. Hannon Armstrong Sustainable |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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