Correlation Between EGain and Getaround
Can any of the company-specific risk be diversified away by investing in both EGain and Getaround 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 EGain and Getaround into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between eGain and Getaround, you can compare the effects of market volatilities on EGain and Getaround 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 EGain with a short position of Getaround. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGain and Getaround.
Diversification Opportunities for EGain and Getaround
Pay attention - limited upside
The 3 months correlation between EGain and Getaround is -0.87. Overlapping area represents the amount of risk that can be diversified away by holding eGain and Getaround in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getaround and EGain 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 eGain are associated (or correlated) with Getaround. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getaround has no effect on the direction of EGain i.e., EGain and Getaround go up and down completely randomly.
Pair Corralation between EGain and Getaround
Given the investment horizon of 90 days EGain is expected to generate 9.38 times less return on investment than Getaround. But when comparing it to its historical volatility, eGain is 3.33 times less risky than Getaround. It trades about 0.0 of its potential returns per unit of risk. Getaround is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 41.00 in Getaround on November 1, 2024 and sell it today you would lose (29.00) from holding Getaround or give up 70.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 70.89% |
| Values | Daily Returns |
eGain vs. Getaround
Performance |
| Timeline |
| eGain |
| Getaround |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
EGain and Getaround Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EGain and Getaround
The main advantage of trading using opposite EGain and Getaround positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGain position performs unexpectedly, Getaround 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 Getaround will offset losses from the drop in Getaround's long position.| EGain vs. Issuer Direct Corp | EGain vs. Research Solutions | EGain vs. Alkami Technology | EGain vs. Agilysys |
| Getaround vs. HeartCore Enterprises | Getaround vs. Trust Stamp | Getaround vs. Quhuo | Getaround vs. Infobird Co |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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