Correlation Between EUDA Health and Axogen
Can any of the company-specific risk be diversified away by investing in both EUDA Health and Axogen 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 EUDA Health and Axogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EUDA Health Holdings and Axogen Inc, you can compare the effects of market volatilities on EUDA Health and Axogen 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 EUDA Health with a short position of Axogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of EUDA Health and Axogen.
Diversification Opportunities for EUDA Health and Axogen
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EUDA and Axogen is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding EUDA Health Holdings and Axogen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axogen Inc and EUDA Health 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 EUDA Health Holdings are associated (or correlated) with Axogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axogen Inc has no effect on the direction of EUDA Health i.e., EUDA Health and Axogen go up and down completely randomly.
Pair Corralation between EUDA Health and Axogen
Given the investment horizon of 90 days EUDA Health Holdings is expected to generate 1.89 times more return on investment than Axogen. However, EUDA Health is 1.89 times more volatile than Axogen Inc. It trades about 0.06 of its potential returns per unit of risk. Axogen Inc is currently generating about 0.03 per unit of risk. If you would invest 160.00 in EUDA Health Holdings on September 3, 2024 and sell it today you would earn a total of 283.00 from holding EUDA Health Holdings or generate 176.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
EUDA Health Holdings vs. Axogen Inc
Performance |
| Timeline |
| EUDA Health Holdings |
| Axogen Inc |
EUDA Health and Axogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EUDA Health and Axogen
The main advantage of trading using opposite EUDA Health and Axogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EUDA Health position performs unexpectedly, Axogen 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 Axogen will offset losses from the drop in Axogen's long position.| EUDA Health vs. Healthcare Triangle | EUDA Health vs. Bullfrog AI Holdings, | EUDA Health vs. Mangoceuticals, Common Stock | EUDA Health vs. FOXO Technologies |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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