Correlation Between Eshallgo and Axcelis Technologies
Can any of the company-specific risk be diversified away by investing in both Eshallgo and Axcelis Technologies 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 Eshallgo and Axcelis Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eshallgo Class A and Axcelis Technologies, you can compare the effects of market volatilities on Eshallgo and Axcelis Technologies 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 Eshallgo with a short position of Axcelis Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eshallgo and Axcelis Technologies.
Diversification Opportunities for Eshallgo and Axcelis Technologies
-0.86 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eshallgo and Axcelis is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding Eshallgo Class A and Axcelis Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axcelis Technologies and Eshallgo 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 Eshallgo Class A are associated (or correlated) with Axcelis Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axcelis Technologies has no effect on the direction of Eshallgo i.e., Eshallgo and Axcelis Technologies go up and down completely randomly.
Pair Corralation between Eshallgo and Axcelis Technologies
Given the investment horizon of 90 days Eshallgo Class A is expected to generate 32.75 times more return on investment than Axcelis Technologies. However, Eshallgo is 32.75 times more volatile than Axcelis Technologies. It trades about 0.1 of its potential returns per unit of risk. Axcelis Technologies is currently generating about 0.01 per unit of risk. If you would invest 0.00 in Eshallgo Class A on August 28, 2024 and sell it today you would earn a total of 392.00 from holding Eshallgo Class A or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 21.01% |
| Values | Daily Returns |
Eshallgo Class A vs. Axcelis Technologies
Performance |
| Timeline |
| Eshallgo Class A |
| Axcelis Technologies |
Eshallgo and Axcelis Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eshallgo and Axcelis Technologies
The main advantage of trading using opposite Eshallgo and Axcelis Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eshallgo position performs unexpectedly, Axcelis Technologies 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 Axcelis Technologies will offset losses from the drop in Axcelis Technologies' long position.| Eshallgo vs. Lululemon Athletica | Eshallgo vs. Asbury Automotive Group | Eshallgo vs. SunLink Health Systems | Eshallgo vs. Simon Property 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |