Correlation Between E Home and ProUroCare Medical
Can any of the company-specific risk be diversified away by investing in both E Home and ProUroCare Medical 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 E Home and ProUroCare Medical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between E Home Household Service and ProUroCare Medical, you can compare the effects of market volatilities on E Home and ProUroCare Medical 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 E Home with a short position of ProUroCare Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of E Home and ProUroCare Medical.
Diversification Opportunities for E Home and ProUroCare Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EJH and ProUroCare is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding E Home Household Service and ProUroCare Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProUroCare Medical and E Home 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 E Home Household Service are associated (or correlated) with ProUroCare Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProUroCare Medical has no effect on the direction of E Home i.e., E Home and ProUroCare Medical go up and down completely randomly.
Pair Corralation between E Home and ProUroCare Medical
If you would invest 84.00 in E Home Household Service on September 6, 2025 and sell it today you would lose (2.00) from holding E Home Household Service or give up 2.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
E Home Household Service vs. ProUroCare Medical
Performance |
| Timeline |
| E Home Household |
| ProUroCare Medical |
E Home and ProUroCare Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with E Home and ProUroCare Medical
The main advantage of trading using opposite E Home and ProUroCare Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if E Home position performs unexpectedly, ProUroCare Medical 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 ProUroCare Medical will offset losses from the drop in ProUroCare Medical's long position.| E Home vs. SportsHero Limited | E Home vs. Backstageplay | E Home vs. Topsports International Holdings | E Home vs. InPlay Oil Corp |
| ProUroCare Medical vs. Edwards Lifesciences Corp | ProUroCare Medical vs. Outset Medical | ProUroCare Medical vs. Varex Imaging Corp | ProUroCare Medical vs. HOB Biotech Group |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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