Correlation Between TrackX Holdings and EGain
Can any of the company-specific risk be diversified away by investing in both TrackX Holdings 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 TrackX Holdings and EGain into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TrackX Holdings and eGain, you can compare the effects of market volatilities on TrackX Holdings 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 TrackX Holdings with a short position of EGain. Check out your portfolio center. Please also check ongoing floating volatility patterns of TrackX Holdings and EGain.
Diversification Opportunities for TrackX Holdings and EGain
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TrackX and EGain is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TrackX Holdings and eGain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on eGain and TrackX Holdings 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 TrackX Holdings 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 TrackX Holdings i.e., TrackX Holdings and EGain go up and down completely randomly.
Pair Corralation between TrackX Holdings and EGain
If you would invest 614.00 in eGain on November 2, 2024 and sell it today you would earn a total of 8.00 from holding eGain or generate 1.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TrackX Holdings vs. eGain
Performance |
| Timeline |
| TrackX Holdings |
| eGain |
TrackX Holdings and EGain Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TrackX Holdings and EGain
The main advantage of trading using opposite TrackX Holdings and EGain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TrackX Holdings 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.| TrackX Holdings vs. Obocon Inc | TrackX Holdings vs. UBI Blockchain Internet | TrackX Holdings vs. Maptelligent | TrackX Holdings vs. nCino 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |