Correlation Between Eshallgo and Harmonic
Can any of the company-specific risk be diversified away by investing in both Eshallgo and Harmonic 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 Harmonic 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 Harmonic, you can compare the effects of market volatilities on Eshallgo and Harmonic 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 Harmonic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eshallgo and Harmonic.
Diversification Opportunities for Eshallgo and Harmonic
Pay attention - limited upside
The 3 months correlation between Eshallgo and Harmonic is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Eshallgo Class A and Harmonic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harmonic 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 Harmonic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harmonic has no effect on the direction of Eshallgo i.e., Eshallgo and Harmonic go up and down completely randomly.
Pair Corralation between Eshallgo and Harmonic
Given the investment horizon of 90 days Eshallgo Class A is expected to generate 1.38 times more return on investment than Harmonic. However, Eshallgo is 1.38 times more volatile than Harmonic. It trades about 0.33 of its potential returns per unit of risk. Harmonic is currently generating about -0.11 per unit of risk. If you would invest 236.00 in Eshallgo Class A on August 28, 2024 and sell it today you would earn a total of 156.00 from holding Eshallgo Class A or generate 66.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eshallgo Class A vs. Harmonic
Performance |
| Timeline |
| Eshallgo Class A |
| Harmonic |
Eshallgo and Harmonic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eshallgo and Harmonic
The main advantage of trading using opposite Eshallgo and Harmonic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eshallgo position performs unexpectedly, Harmonic 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 Harmonic will offset losses from the drop in Harmonic's long position.| Eshallgo vs. Lululemon Athletica | Eshallgo vs. Asbury Automotive Group | Eshallgo vs. SunLink Health Systems | Eshallgo vs. Simon Property Group |
| Harmonic vs. NETGEAR | Harmonic vs. Juniper Networks | Harmonic vs. Digi International | Harmonic vs. Clearfield |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |