Correlation Between Maptelligent and EGain
Can any of the company-specific risk be diversified away by investing in both Maptelligent and EGain 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 Maptelligent and EGain into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maptelligent and eGain, you can compare the effects of market volatilities on Maptelligent and EGain 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 Maptelligent with a short position of EGain. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maptelligent and EGain.
Diversification Opportunities for Maptelligent and EGain
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Maptelligent and EGain is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Maptelligent and eGain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on eGain and Maptelligent 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 Maptelligent are associated (or correlated) with EGain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of eGain has no effect on the direction of Maptelligent i.e., Maptelligent and EGain go up and down completely randomly.
Pair Corralation between Maptelligent and EGain
Given the investment horizon of 90 days Maptelligent is expected to under-perform the EGain. In addition to that, Maptelligent is 2.71 times more volatile than eGain. It trades about -0.15 of its total potential returns per unit of risk. eGain is currently generating about 0.06 per unit of volatility. If you would invest 521.00 in eGain on September 12, 2024 and sell it today you would earn a total of 52.00 from holding eGain or generate 9.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Maptelligent vs. eGain
Performance |
| Timeline |
| Maptelligent |
| eGain |
Maptelligent and EGain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maptelligent and EGain
The main advantage of trading using opposite Maptelligent and EGain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maptelligent position performs unexpectedly, EGain 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 EGain will offset losses from the drop in EGain's long position.| Maptelligent vs. Mojo Data Solutions | Maptelligent vs. UBI Blockchain Internet | Maptelligent vs. TrackX Holdings | Maptelligent vs. Obocon Inc |
| EGain vs. Issuer Direct Corp | EGain vs. Research Solutions | EGain vs. Alkami Technology | EGain vs. Agilysys |
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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