Correlation Between Epsilon Healthcare and TTG Fintech
Can any of the company-specific risk be diversified away by investing in both Epsilon Healthcare and TTG Fintech 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 Epsilon Healthcare and TTG Fintech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Epsilon Healthcare and TTG Fintech, you can compare the effects of market volatilities on Epsilon Healthcare and TTG Fintech 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 Epsilon Healthcare with a short position of TTG Fintech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Epsilon Healthcare and TTG Fintech.
Diversification Opportunities for Epsilon Healthcare and TTG Fintech
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Epsilon and TTG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Epsilon Healthcare and TTG Fintech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TTG Fintech and Epsilon Healthcare 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 Epsilon Healthcare are associated (or correlated) with TTG Fintech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TTG Fintech has no effect on the direction of Epsilon Healthcare i.e., Epsilon Healthcare and TTG Fintech go up and down completely randomly.
Pair Corralation between Epsilon Healthcare and TTG Fintech
Assuming the 90 days trading horizon Epsilon Healthcare is expected to generate 0.68 times more return on investment than TTG Fintech. However, Epsilon Healthcare is 1.47 times less risky than TTG Fintech. It trades about 0.02 of its potential returns per unit of risk. TTG Fintech is currently generating about -0.01 per unit of risk. If you would invest 2.40 in Epsilon Healthcare on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Epsilon Healthcare or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Epsilon Healthcare vs. TTG Fintech
Performance |
| Timeline |
| Epsilon Healthcare |
| TTG Fintech |
Epsilon Healthcare and TTG Fintech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Epsilon Healthcare and TTG Fintech
The main advantage of trading using opposite Epsilon Healthcare and TTG Fintech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Epsilon Healthcare position performs unexpectedly, TTG Fintech 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 TTG Fintech will offset losses from the drop in TTG Fintech's long position.| Epsilon Healthcare vs. Energy Resources | Epsilon Healthcare vs. 88 Energy | Epsilon Healthcare vs. Amani Gold | Epsilon Healthcare vs. A1 Investments Resources |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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