Correlation Between Eos Energy and Xenonics Holdings
Can any of the company-specific risk be diversified away by investing in both Eos Energy and Xenonics Holdings 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 Eos Energy and Xenonics Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eos Energy Enterprises and Xenonics Holdings, you can compare the effects of market volatilities on Eos Energy and Xenonics Holdings 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 Eos Energy with a short position of Xenonics Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eos Energy and Xenonics Holdings.
Diversification Opportunities for Eos Energy and Xenonics Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eos and Xenonics is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eos Energy Enterprises and Xenonics Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xenonics Holdings and Eos Energy 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 Eos Energy Enterprises are associated (or correlated) with Xenonics Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xenonics Holdings has no effect on the direction of Eos Energy i.e., Eos Energy and Xenonics Holdings go up and down completely randomly.
Pair Corralation between Eos Energy and Xenonics Holdings
If you would invest 395.00 in Eos Energy Enterprises on January 12, 2025 and sell it today you would earn a total of 28.00 from holding Eos Energy Enterprises or generate 7.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Eos Energy Enterprises vs. Xenonics Holdings
Performance |
| Timeline |
| Eos Energy Enterprises |
| Xenonics Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Eos Energy and Xenonics Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eos Energy and Xenonics Holdings
The main advantage of trading using opposite Eos Energy and Xenonics Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eos Energy position performs unexpectedly, Xenonics Holdings 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 Xenonics Holdings will offset losses from the drop in Xenonics Holdings' long position.| Eos Energy vs. Bloom Energy Corp | Eos Energy vs. T1 Energy | Eos Energy vs. Elong Power Holding | Eos Energy vs. Sunrise New Energy |
| Xenonics Holdings vs. Pioneer Power Solutions | Xenonics Holdings vs. CBAK Energy Technology | Xenonics Holdings vs. Ocean Power Technologies | Xenonics Holdings vs. Ideal Power |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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