Correlation Between Newton Golf and Envirotech Vehicles
Can any of the company-specific risk be diversified away by investing in both Newton Golf and Envirotech Vehicles 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 Newton Golf and Envirotech Vehicles into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Newton Golf and Envirotech Vehicles, you can compare the effects of market volatilities on Newton Golf and Envirotech Vehicles 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 Newton Golf with a short position of Envirotech Vehicles. Check out your portfolio center. Please also check ongoing floating volatility patterns of Newton Golf and Envirotech Vehicles.
Diversification Opportunities for Newton Golf and Envirotech Vehicles
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Newton and Envirotech is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Newton Golf and Envirotech Vehicles in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Envirotech Vehicles and Newton Golf 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 Newton Golf are associated (or correlated) with Envirotech Vehicles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Envirotech Vehicles has no effect on the direction of Newton Golf i.e., Newton Golf and Envirotech Vehicles go up and down completely randomly.
Pair Corralation between Newton Golf and Envirotech Vehicles
Given the investment horizon of 90 days Newton Golf is expected to generate 1.28 times more return on investment than Envirotech Vehicles. However, Newton Golf is 1.28 times more volatile than Envirotech Vehicles. It trades about 0.0 of its potential returns per unit of risk. Envirotech Vehicles is currently generating about -0.21 per unit of risk. If you would invest 193.00 in Newton Golf on September 13, 2025 and sell it today you would lose (27.00) from holding Newton Golf or give up 13.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Newton Golf vs. Envirotech Vehicles
Performance |
| Timeline |
| Newton Golf |
| Envirotech Vehicles |
Newton Golf and Envirotech Vehicles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Newton Golf and Envirotech Vehicles
The main advantage of trading using opposite Newton Golf and Envirotech Vehicles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Newton Golf position performs unexpectedly, Envirotech Vehicles 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 Envirotech Vehicles will offset losses from the drop in Envirotech Vehicles' long position.| Newton Golf vs. American Rebel Holdings | Newton Golf vs. Kaixin Auto Holdings | Newton Golf vs. ECD Automotive Design | Newton Golf vs. INNEOVA Holdings Limited |
| Envirotech Vehicles vs. Quantumscape Corp | Envirotech Vehicles vs. Autoliv | Envirotech Vehicles vs. Hasbro Inc | Envirotech Vehicles vs. BorgWarner |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Global Correlations Find global opportunities by holding instruments from different markets |