Correlation Between Guardforce and EzFill Holdings
Can any of the company-specific risk be diversified away by investing in both Guardforce and EzFill 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 Guardforce and EzFill Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guardforce AI Co and EzFill Holdings, you can compare the effects of market volatilities on Guardforce and EzFill 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 Guardforce with a short position of EzFill Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guardforce and EzFill Holdings.
Diversification Opportunities for Guardforce and EzFill Holdings
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guardforce and EzFill is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Guardforce AI Co and EzFill Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EzFill Holdings and Guardforce 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 Guardforce AI Co are associated (or correlated) with EzFill Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EzFill Holdings has no effect on the direction of Guardforce i.e., Guardforce and EzFill Holdings go up and down completely randomly.
Pair Corralation between Guardforce and EzFill Holdings
Assuming the 90 days horizon Guardforce AI Co is expected to generate 14.69 times more return on investment than EzFill Holdings. However, Guardforce is 14.69 times more volatile than EzFill Holdings. It trades about 0.11 of its potential returns per unit of risk. EzFill Holdings is currently generating about 0.02 per unit of risk. If you would invest 38.00 in Guardforce AI Co on September 19, 2024 and sell it today you would lose (13.00) from holding Guardforce AI Co or give up 34.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 81.38% |
| Values | Daily Returns |
Guardforce AI Co vs. EzFill Holdings
Performance |
| Timeline |
| Guardforce AI |
| EzFill Holdings |
Guardforce and EzFill Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guardforce and EzFill Holdings
The main advantage of trading using opposite Guardforce and EzFill Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guardforce position performs unexpectedly, EzFill 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 EzFill Holdings will offset losses from the drop in EzFill Holdings' long position.| Guardforce vs. Inspira Technologies Oxy | Guardforce vs. American Rebel Holdings | Guardforce vs. TC BioPharm plc | Guardforce vs. bioAffinity Technologies Warrant |
| EzFill Holdings vs. Swvl Holdings Corp | EzFill Holdings vs. Guardforce AI Co | EzFill Holdings vs. Thayer Ventures Acquisition |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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