Correlation Between EVE Health and British Amer
Can any of the company-specific risk be diversified away by investing in both EVE Health and British Amer 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 EVE Health and British Amer into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EVE Health Group and Bailador Technology Invest, you can compare the effects of market volatilities on EVE Health and British Amer 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 EVE Health with a short position of British Amer. Check out your portfolio center. Please also check ongoing floating volatility patterns of EVE Health and British Amer.
Diversification Opportunities for EVE Health and British Amer
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EVE and British is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding EVE Health Group and Bailador Technology Invest in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bailador Technology and EVE 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 EVE Health Group are associated (or correlated) with British Amer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bailador Technology has no effect on the direction of EVE Health i.e., EVE Health and British Amer go up and down completely randomly.
Pair Corralation between EVE Health and British Amer
If you would invest 105.00 in Bailador Technology Invest on August 31, 2024 and sell it today you would earn a total of 21.00 from holding Bailador Technology Invest or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
EVE Health Group vs. Bailador Technology Invest
Performance |
| Timeline |
| EVE Health Group |
| Bailador Technology |
EVE Health and British Amer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EVE Health and British Amer
The main advantage of trading using opposite EVE Health and British Amer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EVE Health position performs unexpectedly, British Amer 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 British Amer will offset losses from the drop in British Amer's long position.| EVE Health vs. Energy Resources | EVE Health vs. 88 Energy | EVE Health vs. Amani Gold | EVE Health vs. A1 Investments Resources |
| British Amer vs. Energy Resources | British Amer vs. 88 Energy | British Amer vs. Amani Gold | British Amer vs. A1 Investments Resources |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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