Correlation Between EVgo Equity and Boqii Holding
Can any of the company-specific risk be diversified away by investing in both EVgo Equity and Boqii Holding 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 EVgo Equity and Boqii Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EVgo Equity Warrants and Boqii Holding Limited, you can compare the effects of market volatilities on EVgo Equity and Boqii Holding 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 EVgo Equity with a short position of Boqii Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of EVgo Equity and Boqii Holding.
Diversification Opportunities for EVgo Equity and Boqii Holding
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between EVgo and Boqii is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding EVgo Equity Warrants and Boqii Holding Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boqii Holding Limited and EVgo Equity 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 EVgo Equity Warrants are associated (or correlated) with Boqii Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boqii Holding Limited has no effect on the direction of EVgo Equity i.e., EVgo Equity and Boqii Holding go up and down completely randomly.
Pair Corralation between EVgo Equity and Boqii Holding
Assuming the 90 days horizon EVgo Equity Warrants is expected to under-perform the Boqii Holding. But the stock apears to be less risky and, when comparing its historical volatility, EVgo Equity Warrants is 2.01 times less risky than Boqii Holding. The stock trades about -0.09 of its potential returns per unit of risk. The Boqii Holding Limited is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 216.00 in Boqii Holding Limited on May 23, 2025 and sell it today you would earn a total of 36.10 from holding Boqii Holding Limited or generate 16.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
EVgo Equity Warrants vs. Boqii Holding Limited
Performance |
| Timeline |
| EVgo Equity Warrants |
| Boqii Holding Limited |
EVgo Equity and Boqii Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EVgo Equity and Boqii Holding
The main advantage of trading using opposite EVgo Equity and Boqii Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EVgo Equity position performs unexpectedly, Boqii Holding 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 Boqii Holding will offset losses from the drop in Boqii Holding's long position.| EVgo Equity vs. Evgo Inc | EVgo Equity vs. Microvast Holdings | EVgo Equity vs. Nuvve Holding Corp | EVgo Equity vs. Nuvve Holding Corp |
| Boqii Holding vs. Tandy Leather Factory | Boqii Holding vs. Parkland | Boqii Holding vs. EVgo Equity Warrants | Boqii Holding vs. Quhuo |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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