Correlation Between Hamilton Enhanced and E Split
Can any of the company-specific risk be diversified away by investing in both Hamilton Enhanced and E Split 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 Hamilton Enhanced and E Split into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hamilton Enhanced Multi Sector and E Split Corp, you can compare the effects of market volatilities on Hamilton Enhanced and E Split 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 Hamilton Enhanced with a short position of E Split. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hamilton Enhanced and E Split.
Diversification Opportunities for Hamilton Enhanced and E Split
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hamilton and ENS is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Enhanced Multi Sector and E Split Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on E Split Corp and Hamilton Enhanced 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 Hamilton Enhanced Multi Sector are associated (or correlated) with E Split. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of E Split Corp has no effect on the direction of Hamilton Enhanced i.e., Hamilton Enhanced and E Split go up and down completely randomly.
Pair Corralation between Hamilton Enhanced and E Split
Assuming the 90 days trading horizon Hamilton Enhanced is expected to generate 1.57 times less return on investment than E Split. But when comparing it to its historical volatility, Hamilton Enhanced Multi Sector is 1.28 times less risky than E Split. It trades about 0.16 of its potential returns per unit of risk. E Split Corp is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 1,323 in E Split Corp on August 25, 2024 and sell it today you would earn a total of 53.00 from holding E Split Corp or generate 4.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hamilton Enhanced Multi Sector vs. E Split Corp
Performance |
| Timeline |
| Hamilton Enhanced Multi |
| E Split Corp |
Hamilton Enhanced and E Split Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hamilton Enhanced and E Split
The main advantage of trading using opposite Hamilton Enhanced and E Split positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hamilton Enhanced position performs unexpectedly, E Split 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 E Split will offset losses from the drop in E Split's long position.| Hamilton Enhanced vs. Global X Active | Hamilton Enhanced vs. Global X Active | Hamilton Enhanced vs. Global X Active | Hamilton Enhanced vs. Global X Active |
| E Split vs. Global Dividend Growth | E Split vs. Real Estate E Commerce | E Split vs. Life Banc Split | E Split vs. Brompton Split Banc |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |