Correlation Between HYBRIGENICS and Apple

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both HYBRIGENICS and Apple 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 HYBRIGENICS and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HYBRIGENICS A and Apple Inc, you can compare the effects of market volatilities on HYBRIGENICS 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 HYBRIGENICS with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of HYBRIGENICS and Apple.

Diversification Opportunities for HYBRIGENICS and Apple

HYBRIGENICSAppleDiversified AwayHYBRIGENICSAppleDiversified Away100%
-0.37
  Correlation Coefficient

Very good diversification

The 3 months correlation between HYBRIGENICS and Apple is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding HYBRIGENICS A and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and HYBRIGENICS 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 HYBRIGENICS A 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 HYBRIGENICS i.e., HYBRIGENICS and Apple go up and down completely randomly.

Pair Corralation between HYBRIGENICS and Apple

Assuming the 90 days trading horizon HYBRIGENICS A is expected to under-perform the Apple. In addition to that, HYBRIGENICS is 4.09 times more volatile than Apple Inc. It trades about -0.01 of its total potential returns per unit of risk. Apple Inc is currently generating about 0.22 per unit of volatility. If you would invest  19,413  in Apple Inc on September 17, 2024 and sell it today you would earn a total of  4,202  from holding Apple Inc or generate 21.65% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

HYBRIGENICS A   vs.  Apple Inc

 Performance 
JavaScript chart by amCharts 3.21.15OctNovDec -100102030
JavaScript chart by amCharts 3.21.153HB APC
       Timeline  
HYBRIGENICS A 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days HYBRIGENICS A has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, HYBRIGENICS is not utilizing all of its potentials. The newest stock price tumult, may contribute to shorter-term losses for the shareholders.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec0.00750.0080.00850.0090.00950.010.01050.0110.0115
Apple Inc 

Risk-Adjusted Performance

17 of 100

 
Weak
 
Strong
Solid
Compared to the overall equity markets, risk-adjusted returns on investments in Apple Inc are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively fragile fundamental indicators, Apple unveiled solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec200205210215220225230235

HYBRIGENICS and Apple Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-9.16-6.86-4.56-2.260.02.234.496.759.02 0.050.100.15
JavaScript chart by amCharts 3.21.153HB APC
       Returns  

Pair Trading with HYBRIGENICS and Apple

The main advantage of trading using opposite HYBRIGENICS and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HYBRIGENICS 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.
The idea behind HYBRIGENICS A and Apple Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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.

Other Complementary Tools

Global Correlations
Find global opportunities by holding instruments from different markets
Equity Valuation
Check real value of public entities based on technical and fundamental data
Bollinger Bands
Use Bollinger Bands indicator to analyze target price for a given investing horizon
Stock Tickers
Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites
CEOs Directory
Screen CEOs from public companies around the world