Correlation Between Regal Funds and EVE Health
Can any of the company-specific risk be diversified away by investing in both Regal Funds and EVE Health 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 Regal Funds and EVE Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regal Funds Management and EVE Health Group, you can compare the effects of market volatilities on Regal Funds and EVE Health 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 Regal Funds with a short position of EVE Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regal Funds and EVE Health.
Diversification Opportunities for Regal Funds and EVE Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Regal and EVE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Regal Funds Management and EVE Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EVE Health Group and Regal Funds 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 Regal Funds Management are associated (or correlated) with EVE Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EVE Health Group has no effect on the direction of Regal Funds i.e., Regal Funds and EVE Health go up and down completely randomly.
Pair Corralation between Regal Funds and EVE Health
If you would invest 374.00 in Regal Funds Management on November 4, 2024 and sell it today you would earn a total of 14.00 from holding Regal Funds Management or generate 3.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Regal Funds Management vs. EVE Health Group
Performance |
| Timeline |
| Regal Funds Management |
| EVE Health Group |
Regal Funds and EVE Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regal Funds and EVE Health
The main advantage of trading using opposite Regal Funds and EVE Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regal Funds position performs unexpectedly, EVE Health 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 EVE Health will offset losses from the drop in EVE Health's long position.| Regal Funds vs. Sports Entertainment Group | Regal Funds vs. Queste Communications | Regal Funds vs. Aussie Broadband | Regal Funds vs. Aeon Metals |
| EVE Health vs. Regis Healthcare | EVE Health vs. Event Hospitality and | EVE Health vs. Pinnacle Investment Management | EVE Health vs. Step One Clothing |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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