Correlation Between Etao International and FOXO Technologies
Can any of the company-specific risk be diversified away by investing in both Etao International and FOXO 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 Etao International and FOXO Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Etao International Co, and FOXO Technologies, you can compare the effects of market volatilities on Etao International and FOXO 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 Etao International with a short position of FOXO Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Etao International and FOXO Technologies.
Diversification Opportunities for Etao International and FOXO Technologies
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Etao and FOXO is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Etao International Co, and FOXO Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FOXO Technologies and Etao International 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 Etao International Co, are associated (or correlated) with FOXO Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FOXO Technologies has no effect on the direction of Etao International i.e., Etao International and FOXO Technologies go up and down completely randomly.
Pair Corralation between Etao International and FOXO Technologies
If you would invest 20.00 in FOXO Technologies on August 25, 2024 and sell it today you would earn a total of 34.00 from holding FOXO Technologies or generate 170.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 2.22% |
| Values | Daily Returns |
Etao International Co, vs. FOXO Technologies
Performance |
| Timeline |
| Etao International Co, |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| FOXO Technologies |
Etao International and FOXO Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Etao International and FOXO Technologies
The main advantage of trading using opposite Etao International and FOXO Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Etao International position performs unexpectedly, FOXO 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 FOXO Technologies will offset losses from the drop in FOXO Technologies' long position.| Etao International vs. FOXO Technologies | Etao International vs. Mangoceuticals, Common Stock | Etao International vs. Healthcare Triangle | Etao International vs. EUDA Health Holdings |
| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies vs. Healthcare Triangle |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |