Correlation Between Cuentas and EGain
Can any of the company-specific risk be diversified away by investing in both Cuentas 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 Cuentas and EGain into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cuentas and eGain, you can compare the effects of market volatilities on Cuentas 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 Cuentas with a short position of EGain. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cuentas and EGain.
Diversification Opportunities for Cuentas and EGain
Very good diversification
The 3 months correlation between Cuentas and EGain is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Cuentas and eGain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on eGain and Cuentas 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 Cuentas 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 Cuentas i.e., Cuentas and EGain go up and down completely randomly.
Pair Corralation between Cuentas 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 |
Cuentas vs. eGain
Performance |
| Timeline |
| Cuentas |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| eGain |
Cuentas and EGain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cuentas and EGain
The main advantage of trading using opposite Cuentas and EGain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cuentas 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.| Cuentas vs. Auddia Inc | Cuentas vs. Bridgeline Digital | Cuentas vs. Mediaco Holding | Cuentas vs. Digital Brands Group |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |