Correlation Between Epsilon Healthcare and Green Cures
Can any of the company-specific risk be diversified away by investing in both Epsilon Healthcare and Green Cures 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 Epsilon Healthcare and Green Cures into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Epsilon Healthcare Limited and Green Cures Botanical, you can compare the effects of market volatilities on Epsilon Healthcare and Green Cures 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 Epsilon Healthcare with a short position of Green Cures. Check out your portfolio center. Please also check ongoing floating volatility patterns of Epsilon Healthcare and Green Cures.
Diversification Opportunities for Epsilon Healthcare and Green Cures
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Epsilon and Green is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Epsilon Healthcare Limited and Green Cures Botanical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Green Cures Botanical and Epsilon Healthcare 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 Epsilon Healthcare Limited are associated (or correlated) with Green Cures. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Green Cures Botanical has no effect on the direction of Epsilon Healthcare i.e., Epsilon Healthcare and Green Cures go up and down completely randomly.
Pair Corralation between Epsilon Healthcare and Green Cures
If you would invest 0.02 in Green Cures Botanical on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Green Cures Botanical or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.21% |
| Values | Daily Returns |
Epsilon Healthcare Limited vs. Green Cures Botanical
Performance |
| Timeline |
| Epsilon Healthcare |
| Green Cures Botanical |
Epsilon Healthcare and Green Cures Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Epsilon Healthcare and Green Cures
The main advantage of trading using opposite Epsilon Healthcare and Green Cures positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Epsilon Healthcare position performs unexpectedly, Green Cures 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 Green Cures will offset losses from the drop in Green Cures' long position.| Epsilon Healthcare vs. Holloman Energy Corp | Epsilon Healthcare vs. cbdMD Inc | Epsilon Healthcare vs. Evolus Inc | Epsilon Healthcare vs. CV Sciences |
| Green Cures vs. Cann American Corp | Green Cures vs. Rimrock Gold Corp | Green Cures vs. Galexxy Holdings | Green Cures vs. Indoor Harvest 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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