Correlation Between EUDA Health and GlucoTrack
Can any of the company-specific risk be diversified away by investing in both EUDA Health and GlucoTrack 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 GlucoTrack 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 GlucoTrack, you can compare the effects of market volatilities on EUDA Health and GlucoTrack 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 GlucoTrack. Check out your portfolio center. Please also check ongoing floating volatility patterns of EUDA Health and GlucoTrack.
Diversification Opportunities for EUDA Health and GlucoTrack
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EUDA and GlucoTrack is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding EUDA Health Holdings and GlucoTrack in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GlucoTrack 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 GlucoTrack. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GlucoTrack has no effect on the direction of EUDA Health i.e., EUDA Health and GlucoTrack go up and down completely randomly.
Pair Corralation between EUDA Health and GlucoTrack
Given the investment horizon of 90 days EUDA Health Holdings is expected to generate 0.5 times more return on investment than GlucoTrack. However, EUDA Health Holdings is 2.0 times less risky than GlucoTrack. It trades about 0.05 of its potential returns per unit of risk. GlucoTrack is currently generating about 0.01 per unit of risk. If you would invest 244.00 in EUDA Health Holdings on August 29, 2024 and sell it today you would earn a total of 195.00 from holding EUDA Health Holdings or generate 79.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EUDA Health Holdings vs. GlucoTrack
Performance |
| Timeline |
| EUDA Health Holdings |
| GlucoTrack |
EUDA Health and GlucoTrack Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EUDA Health and GlucoTrack
The main advantage of trading using opposite EUDA Health and GlucoTrack positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EUDA Health position performs unexpectedly, GlucoTrack 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 GlucoTrack will offset losses from the drop in GlucoTrack'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 |
| GlucoTrack vs. Nexgel Inc | GlucoTrack vs. Avinger | GlucoTrack vs. Sharps Technology | GlucoTrack vs. Innovative Eyewear |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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