Correlation Between Everi Holdings and Sonder Holdings
Can any of the company-specific risk be diversified away by investing in both Everi Holdings and Sonder Holdings 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 Everi Holdings and Sonder Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Everi Holdings and Sonder Holdings, you can compare the effects of market volatilities on Everi Holdings and Sonder Holdings 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 Everi Holdings with a short position of Sonder Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everi Holdings and Sonder Holdings.
Diversification Opportunities for Everi Holdings and Sonder Holdings
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Everi and Sonder is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Everi Holdings and Sonder Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sonder Holdings and Everi Holdings 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 Everi Holdings are associated (or correlated) with Sonder Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sonder Holdings has no effect on the direction of Everi Holdings i.e., Everi Holdings and Sonder Holdings go up and down completely randomly.
Pair Corralation between Everi Holdings and Sonder Holdings
Given the investment horizon of 90 days Everi Holdings is expected to generate 318.06 times less return on investment than Sonder Holdings. But when comparing it to its historical volatility, Everi Holdings is 18.48 times less risky than Sonder Holdings. It trades about 0.0 of its potential returns per unit of risk. Sonder Holdings is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 14.00 in Sonder Holdings on September 3, 2024 and sell it today you would lose (13.01) from holding Sonder Holdings or give up 92.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 84.85% |
| Values | Daily Returns |
Everi Holdings vs. Sonder Holdings
Performance |
| Timeline |
| Everi Holdings |
| Sonder Holdings |
Everi Holdings and Sonder Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everi Holdings and Sonder Holdings
The main advantage of trading using opposite Everi Holdings and Sonder Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everi Holdings position performs unexpectedly, Sonder Holdings 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 Sonder Holdings will offset losses from the drop in Sonder Holdings' long position.| Everi Holdings vs. Accel Entertainment | Everi Holdings vs. Light Wonder | Everi Holdings vs. Inspired Entertainment | Everi Holdings vs. International Game Technology |
| Sonder Holdings vs. Sonder Holdings | Sonder Holdings vs. Grab Holdings Limited | Sonder Holdings vs. Dave Warrants |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |