Correlation Between Augmedix and EUDA Health
Can any of the company-specific risk be diversified away by investing in both Augmedix and EUDA Health 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 Augmedix and EUDA Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Augmedix and EUDA Health Holdings, you can compare the effects of market volatilities on Augmedix and EUDA Health 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 Augmedix with a short position of EUDA Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Augmedix and EUDA Health.
Diversification Opportunities for Augmedix and EUDA Health
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Augmedix and EUDA is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Augmedix and EUDA Health Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EUDA Health Holdings and Augmedix 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 Augmedix are associated (or correlated) with EUDA Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EUDA Health Holdings has no effect on the direction of Augmedix i.e., Augmedix and EUDA Health go up and down completely randomly.
Pair Corralation between Augmedix and EUDA Health
Given the investment horizon of 90 days Augmedix is expected to generate 2.39 times less return on investment than EUDA Health. In addition to that, Augmedix is 1.36 times more volatile than EUDA Health Holdings. It trades about 0.02 of its total potential returns per unit of risk. EUDA Health Holdings is currently generating about 0.08 per unit of volatility. If you would invest 150.00 in EUDA Health Holdings on August 26, 2024 and sell it today you would earn a total of 303.00 from holding EUDA Health Holdings or generate 202.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.61% |
| Values | Daily Returns |
Augmedix vs. EUDA Health Holdings
Performance |
| Timeline |
| Augmedix |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| EUDA Health Holdings |
Augmedix and EUDA Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Augmedix and EUDA Health
The main advantage of trading using opposite Augmedix and EUDA Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Augmedix position performs unexpectedly, EUDA Health 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 EUDA Health will offset losses from the drop in EUDA Health's long position.| Augmedix vs. In8bio Inc | Augmedix vs. Dermata Therapeutics | Augmedix vs. Elevation Oncology | Augmedix vs. Aclarion |
| EUDA Health vs. Healthcare Triangle | EUDA Health vs. Bullfrog AI Holdings, | EUDA Health vs. Mangoceuticals, Common Stock | EUDA Health vs. FOXO Technologies |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |