Correlation Between CoinSmart Financial and EGain
Can any of the company-specific risk be diversified away by investing in both CoinSmart Financial and EGain 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 CoinSmart Financial and EGain into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CoinSmart Financial and eGain, you can compare the effects of market volatilities on CoinSmart Financial and EGain 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 CoinSmart Financial with a short position of EGain. Check out your portfolio center. Please also check ongoing floating volatility patterns of CoinSmart Financial and EGain.
Diversification Opportunities for CoinSmart Financial and EGain
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between CoinSmart and EGain is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding CoinSmart Financial and eGain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on eGain and CoinSmart Financial 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 CoinSmart Financial are associated (or correlated) with EGain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of eGain has no effect on the direction of CoinSmart Financial i.e., CoinSmart Financial and EGain go up and down completely randomly.
Pair Corralation between CoinSmart Financial and EGain
If you would invest 482.00 in eGain on August 25, 2024 and sell it today you would earn a total of 51.00 from holding eGain or generate 10.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
CoinSmart Financial vs. eGain
Performance |
| Timeline |
| CoinSmart Financial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| eGain |
CoinSmart Financial and EGain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CoinSmart Financial and EGain
The main advantage of trading using opposite CoinSmart Financial and EGain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CoinSmart Financial position performs unexpectedly, EGain 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 EGain will offset losses from the drop in EGain's long position.| CoinSmart Financial vs. Appswarm | CoinSmart Financial vs. Marketwise | CoinSmart Financial vs. C3 Ai Inc | CoinSmart Financial vs. CXApp Inc |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |