Correlation Between Boqii Holding and Evgo

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

Diversification Opportunities for Boqii Holding and Evgo

BoqiiEvgoDiversified AwayBoqiiEvgoDiversified Away100%
0.53
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Boqii and Evgo is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Boqii Holding Limited and Evgo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evgo Inc and Boqii Holding 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 Boqii Holding Limited are associated (or correlated) with Evgo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evgo Inc has no effect on the direction of Boqii Holding i.e., Boqii Holding and Evgo go up and down completely randomly.

Pair Corralation between Boqii Holding and Evgo

Allowing for the 90-day total investment horizon Boqii Holding Limited is expected to generate 1.63 times more return on investment than Evgo. However, Boqii Holding is 1.63 times more volatile than Evgo Inc. It trades about 0.18 of its potential returns per unit of risk. Evgo Inc is currently generating about -0.09 per unit of risk. If you would invest  277.00  in Boqii Holding Limited on November 21, 2024 and sell it today you would earn a total of  57.00  from holding Boqii Holding Limited or generate 20.58% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Boqii Holding Limited  vs.  Evgo Inc

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -40-30-20-1001020
JavaScript chart by amCharts 3.21.15BQ EVGO
       Timeline  
Boqii Holding Limited 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Boqii Holding Limited has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Stock's basic indicators remain relatively invariable which may send shares a bit higher in March 2025. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb33.544.555.5
Evgo Inc 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Evgo Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's technical and fundamental indicators remain very healthy which may send shares a bit higher in March 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb33.544.555.566.57

Boqii Holding and Evgo Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-10.55-7.9-5.25-2.6-0.04412.444.937.419.89 0.0100.0110.0120.0130.0140.0150.016
JavaScript chart by amCharts 3.21.15BQ EVGO
       Returns  

Pair Trading with Boqii Holding and Evgo

The main advantage of trading using opposite Boqii Holding and Evgo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boqii Holding position performs unexpectedly, Evgo 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 Evgo will offset losses from the drop in Evgo's long position.
The idea behind Boqii Holding Limited and Evgo 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.
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.

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