Correlation Between Ebet and TriMas
Can any of the company-specific risk be diversified away by investing in both Ebet and TriMas 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 Ebet and TriMas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ebet Inc and TriMas, you can compare the effects of market volatilities on Ebet and TriMas 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 Ebet with a short position of TriMas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ebet and TriMas.
Diversification Opportunities for Ebet and TriMas
Excellent diversification
The 3 months correlation between Ebet and TriMas is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Ebet Inc and TriMas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TriMas and Ebet 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 Ebet Inc are associated (or correlated) with TriMas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TriMas has no effect on the direction of Ebet i.e., Ebet and TriMas go up and down completely randomly.
Pair Corralation between Ebet and TriMas
If you would invest 9.33 in Ebet Inc on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Ebet Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Ebet Inc vs. TriMas
Performance |
| Timeline |
| Ebet Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| TriMas |
Ebet and TriMas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ebet and TriMas
The main advantage of trading using opposite Ebet and TriMas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ebet position performs unexpectedly, TriMas 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 TriMas will offset losses from the drop in TriMas' long position.| Ebet vs. PointsBet Holdings Limited | Ebet vs. Gan | Ebet vs. Rush Street Interactive | Ebet vs. Lottery, Warrants |
| TriMas vs. Greif Bros | TriMas vs. Karat Packaging | TriMas vs. Reynolds Consumer Products | TriMas vs. Silgan Holdings |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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