Correlation Between EUDA Health and KERN Old
Can any of the company-specific risk be diversified away by investing in both EUDA Health and KERN Old 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 KERN Old 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 KERN Old, you can compare the effects of market volatilities on EUDA Health and KERN Old 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 KERN Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of EUDA Health and KERN Old.
Diversification Opportunities for EUDA Health and KERN Old
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EUDA and KERN is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding EUDA Health Holdings and KERN Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KERN Old 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 KERN Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KERN Old has no effect on the direction of EUDA Health i.e., EUDA Health and KERN Old go up and down completely randomly.
Pair Corralation between EUDA Health and KERN Old
If you would invest 425.00 in EUDA Health Holdings on September 1, 2024 and sell it today you would earn a total of 18.00 from holding EUDA Health Holdings or generate 4.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
EUDA Health Holdings vs. KERN Old
Performance |
| Timeline |
| EUDA Health Holdings |
| KERN Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
EUDA Health and KERN Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EUDA Health and KERN Old
The main advantage of trading using opposite EUDA Health and KERN Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EUDA Health position performs unexpectedly, KERN Old 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 KERN Old will offset losses from the drop in KERN Old'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 |
| KERN Old vs. Healthcare Triangle | KERN Old vs. Bullfrog AI Holdings, | KERN Old vs. EUDA Health Holdings | KERN Old vs. Mangoceuticals, Common Stock |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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