Correlation Between EUDA Health and DIH Holdings
Can any of the company-specific risk be diversified away by investing in both EUDA Health and DIH 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 EUDA Health and DIH Holdings 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 DIH Holdings US,, you can compare the effects of market volatilities on EUDA Health and DIH 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 EUDA Health with a short position of DIH Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of EUDA Health and DIH Holdings.
Diversification Opportunities for EUDA Health and DIH Holdings
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between EUDA and DIH is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding EUDA Health Holdings and DIH Holdings US, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DIH Holdings US, 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 DIH Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DIH Holdings US, has no effect on the direction of EUDA Health i.e., EUDA Health and DIH Holdings go up and down completely randomly.
Pair Corralation between EUDA Health and DIH Holdings
Given the investment horizon of 90 days EUDA Health Holdings is expected to generate 1.04 times more return on investment than DIH Holdings. However, EUDA Health is 1.04 times more volatile than DIH Holdings US,. It trades about 0.07 of its potential returns per unit of risk. DIH Holdings US, is currently generating about 0.03 per unit of risk. If you would invest 138.00 in EUDA Health Holdings on September 4, 2024 and sell it today you would earn a total of 292.00 from holding EUDA Health Holdings or generate 211.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 41.82% |
| Values | Daily Returns |
EUDA Health Holdings vs. DIH Holdings US,
Performance |
| Timeline |
| EUDA Health Holdings |
| DIH Holdings US, |
EUDA Health and DIH Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EUDA Health and DIH Holdings
The main advantage of trading using opposite EUDA Health and DIH Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EUDA Health position performs unexpectedly, DIH 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 DIH Holdings will offset losses from the drop in DIH Holdings' long position.| EUDA Health vs. Healthcare Triangle | EUDA Health vs. Bullfrog AI Holdings, | EUDA Health vs. Mangoceuticals, Common Stock | EUDA Health vs. FOXO Technologies |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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