Correlation Between Eshallgo and Neonode
Can any of the company-specific risk be diversified away by investing in both Eshallgo and Neonode 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 Neonode 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 Neonode, you can compare the effects of market volatilities on Eshallgo and Neonode 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 Neonode. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eshallgo and Neonode.
Diversification Opportunities for Eshallgo and Neonode
Very good diversification
The 3 months correlation between Eshallgo and Neonode is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Eshallgo Class A and Neonode in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neonode 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 Neonode. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neonode has no effect on the direction of Eshallgo i.e., Eshallgo and Neonode go up and down completely randomly.
Pair Corralation between Eshallgo and Neonode
Given the investment horizon of 90 days Eshallgo Class A is expected to generate 11.92 times more return on investment than Neonode. However, Eshallgo is 11.92 times more volatile than Neonode. It trades about 0.1 of its potential returns per unit of risk. Neonode is currently generating about 0.12 per unit of risk. If you would invest 0.00 in Eshallgo Class A on August 24, 2024 and sell it today you would earn a total of 399.00 from holding Eshallgo Class A or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 41.2% |
| Values | Daily Returns |
Eshallgo Class A vs. Neonode
Performance |
| Timeline |
| Eshallgo Class A |
| Neonode |
Eshallgo and Neonode Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eshallgo and Neonode
The main advantage of trading using opposite Eshallgo and Neonode positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eshallgo position performs unexpectedly, Neonode 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 Neonode will offset losses from the drop in Neonode's long position.| Eshallgo vs. Shake Shack | Eshallgo vs. Lululemon Athletica | Eshallgo vs. Playtika Holding Corp | Eshallgo vs. Haverty Furniture Companies |
| Neonode vs. LightPath Technologies | Neonode vs. Methode Electronics | Neonode vs. OSI Systems | Neonode vs. Plexus Corp |
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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