Correlation Between Eshallgo and Amtech Systems
Can any of the company-specific risk be diversified away by investing in both Eshallgo and Amtech Systems 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 Eshallgo and Amtech Systems into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eshallgo Class A and Amtech Systems, you can compare the effects of market volatilities on Eshallgo and Amtech Systems 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 Eshallgo with a short position of Amtech Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eshallgo and Amtech Systems.
Diversification Opportunities for Eshallgo and Amtech Systems
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eshallgo and Amtech is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Eshallgo Class A and Amtech Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amtech Systems and Eshallgo 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 Eshallgo Class A are associated (or correlated) with Amtech Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amtech Systems has no effect on the direction of Eshallgo i.e., Eshallgo and Amtech Systems go up and down completely randomly.
Pair Corralation between Eshallgo and Amtech Systems
Given the investment horizon of 90 days Eshallgo Class A is expected to under-perform the Amtech Systems. But the stock apears to be less risky and, when comparing its historical volatility, Eshallgo Class A is 1.15 times less risky than Amtech Systems. The stock trades about -0.12 of its potential returns per unit of risk. The Amtech Systems is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 451.00 in Amtech Systems on June 6, 2025 and sell it today you would earn a total of 173.00 from holding Amtech Systems or generate 38.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eshallgo Class A vs. Amtech Systems
Performance |
| Timeline |
| Eshallgo Class A |
| Amtech Systems |
Eshallgo and Amtech Systems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eshallgo and Amtech Systems
The main advantage of trading using opposite Eshallgo and Amtech Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eshallgo position performs unexpectedly, Amtech Systems 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 Amtech Systems will offset losses from the drop in Amtech Systems' long position.| Eshallgo vs. Mobilicom Limited American | Eshallgo vs. Sonim Technologies | Eshallgo vs. PowerFleet, | Eshallgo vs. Moving iMage Technologies |
| Amtech Systems vs. Aehr Test Systems | Amtech Systems vs. AXT Inc | Amtech Systems vs. Ichor Holdings | Amtech Systems vs. IPG Photonics |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |