Correlation Between EUDA Health and National Research
Can any of the company-specific risk be diversified away by investing in both EUDA Health and National Research 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 National Research 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 National Research Corp, you can compare the effects of market volatilities on EUDA Health and National Research 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 National Research. Check out your portfolio center. Please also check ongoing floating volatility patterns of EUDA Health and National Research.
Diversification Opportunities for EUDA Health and National Research
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EUDA and National is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding EUDA Health Holdings and National Research Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Research Corp 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 National Research. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Research Corp has no effect on the direction of EUDA Health i.e., EUDA Health and National Research go up and down completely randomly.
Pair Corralation between EUDA Health and National Research
Given the investment horizon of 90 days EUDA Health Holdings is expected to generate 3.72 times more return on investment than National Research. However, EUDA Health is 3.72 times more volatile than National Research Corp. It trades about 0.05 of its potential returns per unit of risk. National Research Corp is currently generating about -0.05 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 188.00 from holding EUDA Health Holdings or generate 77.05% 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. National Research Corp
Performance |
| Timeline |
| EUDA Health Holdings |
| National Research Corp |
EUDA Health and National Research Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EUDA Health and National Research
The main advantage of trading using opposite EUDA Health and National Research positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EUDA Health position performs unexpectedly, National Research 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 National Research will offset losses from the drop in National Research'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 |
| National Research vs. Omega Flex | National Research vs. NI Holdings | National Research vs. PC Connection | National Research vs. Northrim BanCorp |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |