Correlation Between EUDA Health and Tivic Health
Can any of the company-specific risk be diversified away by investing in both EUDA Health and Tivic Health 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 Tivic Health 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 Tivic Health Systems, you can compare the effects of market volatilities on EUDA Health and Tivic Health 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 Tivic Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of EUDA Health and Tivic Health.
Diversification Opportunities for EUDA Health and Tivic Health
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between EUDA and Tivic is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding EUDA Health Holdings and Tivic Health Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tivic Health Systems 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 Tivic Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tivic Health Systems has no effect on the direction of EUDA Health i.e., EUDA Health and Tivic Health go up and down completely randomly.
Pair Corralation between EUDA Health and Tivic Health
Given the investment horizon of 90 days EUDA Health Holdings is expected to under-perform the Tivic Health. But the stock apears to be less risky and, when comparing its historical volatility, EUDA Health Holdings is 2.98 times less risky than Tivic Health. The stock trades about -0.02 of its potential returns per unit of risk. The Tivic Health Systems is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 29.00 in Tivic Health Systems on August 31, 2024 and sell it today you would lose (4.00) from holding Tivic Health Systems or give up 13.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EUDA Health Holdings vs. Tivic Health Systems
Performance |
| Timeline |
| EUDA Health Holdings |
| Tivic Health Systems |
EUDA Health and Tivic Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EUDA Health and Tivic Health
The main advantage of trading using opposite EUDA Health and Tivic Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EUDA Health position performs unexpectedly, Tivic Health 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 Tivic Health will offset losses from the drop in Tivic Health'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 |
| Tivic Health vs. Bluejay Diagnostics | Tivic Health vs. Heart Test Laboratories | Tivic Health vs. Nuwellis | Tivic Health vs. Bone Biologics Corp |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |