Correlation Between EGain and Maptelligent
Can any of the company-specific risk be diversified away by investing in both EGain and Maptelligent 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 Maptelligent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between eGain and Maptelligent, you can compare the effects of market volatilities on EGain and Maptelligent 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 Maptelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of EGain and Maptelligent.
Diversification Opportunities for EGain and Maptelligent
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between EGain and Maptelligent is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding eGain and Maptelligent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maptelligent 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 Maptelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maptelligent has no effect on the direction of EGain i.e., EGain and Maptelligent go up and down completely randomly.
Pair Corralation between EGain and Maptelligent
Given the investment horizon of 90 days eGain is expected to generate 0.25 times more return on investment than Maptelligent. However, eGain is 3.94 times less risky than Maptelligent. It trades about -0.01 of its potential returns per unit of risk. Maptelligent is currently generating about -0.21 per unit of risk. If you would invest 579.00 in eGain on September 13, 2024 and sell it today you would lose (14.00) from holding eGain or give up 2.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
eGain vs. Maptelligent
Performance |
| Timeline |
| eGain |
| Maptelligent |
EGain and Maptelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EGain and Maptelligent
The main advantage of trading using opposite EGain and Maptelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EGain position performs unexpectedly, Maptelligent 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 Maptelligent will offset losses from the drop in Maptelligent's long position.| EGain vs. Issuer Direct Corp | EGain vs. Research Solutions | EGain vs. Alkami Technology | EGain vs. Agilysys |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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