Correlation Between Baijiayun and EzFill Holdings
Can any of the company-specific risk be diversified away by investing in both Baijiayun 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 Baijiayun and EzFill Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Baijiayun Group and EzFill Holdings, you can compare the effects of market volatilities on Baijiayun 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 Baijiayun with a short position of EzFill Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baijiayun and EzFill Holdings.
Diversification Opportunities for Baijiayun and EzFill Holdings
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Baijiayun and EzFill is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Baijiayun Group and EzFill Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EzFill Holdings and Baijiayun 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 Baijiayun Group 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 Baijiayun i.e., Baijiayun and EzFill Holdings go up and down completely randomly.
Pair Corralation between Baijiayun and EzFill Holdings
Considering the 90-day investment horizon Baijiayun Group is expected to generate 1.13 times more return on investment than EzFill Holdings. However, Baijiayun is 1.13 times more volatile than EzFill Holdings. It trades about 0.01 of its potential returns per unit of risk. EzFill Holdings is currently generating about 0.01 per unit of risk. If you would invest 4,260 in Baijiayun Group on August 31, 2024 and sell it today you would lose (3,315) from holding Baijiayun Group or give up 77.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Baijiayun Group vs. EzFill Holdings
Performance |
| Timeline |
| Baijiayun Group |
| EzFill Holdings |
Baijiayun and EzFill Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baijiayun and EzFill Holdings
The main advantage of trading using opposite Baijiayun and EzFill Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baijiayun 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.| Baijiayun vs. Issuer Direct Corp | Baijiayun vs. eGain | Baijiayun vs. Research Solutions | Baijiayun vs. Paycor HCM |
| EzFill Holdings vs. Transcode Therapeutics | EzFill Holdings vs. Sentage Holdings | EzFill Holdings vs. Paltalk |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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