Correlation Between Apple and TECK RESOURCES-B
Can any of the company-specific risk be diversified away by investing in both Apple and TECK RESOURCES-B 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 TECK RESOURCES-B into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apple Inc and TECK RESOURCES B, you can compare the effects of market volatilities on Apple and TECK RESOURCES-B 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 TECK RESOURCES-B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and TECK RESOURCES-B.
Diversification Opportunities for Apple and TECK RESOURCES-B
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Apple and TECK is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and TECK RESOURCES B in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TECK RESOURCES B 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 TECK RESOURCES-B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TECK RESOURCES B has no effect on the direction of Apple i.e., Apple and TECK RESOURCES-B go up and down completely randomly.
Pair Corralation between Apple and TECK RESOURCES-B
Assuming the 90 days trading horizon Apple is expected to generate 1.38 times less return on investment than TECK RESOURCES-B. But when comparing it to its historical volatility, Apple Inc is 1.85 times less risky than TECK RESOURCES-B. It trades about 0.17 of its potential returns per unit of risk. TECK RESOURCES B is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2,799 in TECK RESOURCES B on July 27, 2025 and sell it today you would earn a total of 847.00 from holding TECK RESOURCES B or generate 30.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apple Inc vs. TECK RESOURCES B
Performance |
| Timeline |
| Apple Inc |
| TECK RESOURCES B |
Apple and TECK RESOURCES-B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apple and TECK RESOURCES-B
The main advantage of trading using opposite Apple and TECK RESOURCES-B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, TECK RESOURCES-B 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 TECK RESOURCES-B will offset losses from the drop in TECK RESOURCES-B's long position.| Apple vs. Aristocrat Leisure Limited | Apple vs. Zoom Video Communications | Apple vs. COLUMBIA SPORTSWEAR | Apple vs. Playmates Toys Limited |
| TECK RESOURCES-B vs. Dairy Farm International | TECK RESOURCES-B vs. CENTURIA OFFICE REIT | TECK RESOURCES-B vs. Hanison Construction Holdings | TECK RESOURCES-B vs. Australian Agricultural |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |