Correlation Analysis Between Evoqua Water and Churchill Capital

This module allows you to analyze existing cross correlation between Evoqua Water Technologies Corp and Churchill Capital Corp. You can compare the effects of market volatilities on Evoqua Water and Churchill Capital 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 Evoqua Water with a short position of Churchill Capital. See also your portfolio center. Please also check ongoing floating volatility patterns of Evoqua Water and Churchill Capital.
Horizon     30 Days    Login   to change
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Comparative Performance

Evoqua Water Technol  
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Evoqua Water Technologies Corp are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. Despite somewhat fragile basic indicators, Evoqua Water sustained solid returns over the last few months and may actually be approaching a breakup point.
Churchill Capital Corp  
1414

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Churchill Capital Corp are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. Despite somewhat unsteady basic indicators, Churchill Capital sustained solid returns over the last few months and may actually be approaching a breakup point.

Evoqua Water and Churchill Capital Volatility Contrast

 Predicted Return Density 
      Returns 

Evoqua Water Technologies Corp  vs.  Churchill Capital Corp

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Evoqua Water is expected to generate 1.41 times less return on investment than Churchill Capital. In addition to that, Evoqua Water is 1.82 times more volatile than Churchill Capital Corp. It trades about 0.08 of its total potential returns per unit of risk. Churchill Capital Corp is currently generating about 0.21 per unit of volatility. If you would invest  1,496  in Churchill Capital Corp on July 26, 2019 and sell it today you would earn a total of  267.00  from holding Churchill Capital Corp or generate 17.85% return on investment over 30 days.

Pair Corralation between Evoqua Water and Churchill Capital

0.57
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy98.25%
ValuesDaily Returns

Diversification Opportunities for Evoqua Water and Churchill Capital

Evoqua Water Technologies Corp diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Evoqua Water Technologies Corp and Churchill Capital Corp in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Churchill Capital Corp and Evoqua Water 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 Evoqua Water Technologies Corp are associated (or correlated) with Churchill Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Churchill Capital Corp has no effect on the direction of Evoqua Water i.e. Evoqua Water and Churchill Capital go up and down completely randomly.
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