Correlation Between Apple and CGN MINING

Can any of the company-specific risk be diversified away by investing in both Apple and CGN MINING 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 CGN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Apple Inc and CGN MINING, you can compare the effects of market volatilities on Apple and CGN MINING 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 CGN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and CGN MINING.

Diversification Opportunities for Apple and CGN MINING

0.0

Correlation Coefficient

Apple  CGN MINING

Pay attention - limited upside

The 3 months correlation between Apple and CGN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and CGN MINING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN MINING 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 CGN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN MINING has no effect on the direction of Apple i.e., Apple and CGN MINING go up and down completely randomly.

Pair Corralation between Apple and CGN MINING

If you would invest  0.00  in CGN MINING on December 21, 2024 and sell it today you would earn a total of  0.00  from holding CGN MINING or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	1.69%
Values	Daily Returns

Apple Inc  vs.  CGN MINING

Apple Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Apple Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in April 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

CGN MINING

Risk-Adjusted Performance

Very Weak

Over the last 90 days CGN MINING has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, CGN MINING is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with Apple and CGN MINING

The main advantage of trading using opposite Apple and CGN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, CGN MINING 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 CGN MINING will offset losses from the drop in CGN MINING's long position.

The idea behind Apple Inc and CGN MINING 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.

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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.