EZGO Technologies Correlations
| EZGO Stock | USD 2.12 0.16 8.16% |
The correlation of EZGO Technologies is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as EZGO Technologies moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if EZGO Technologies moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Significant diversification
The correlation between EZGO Technologies and NYA is 0.08 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding EZGO Technologies and NYA in the same portfolio, assuming nothing else is changed.
EZGO |
The ability to find closely correlated positions to EZGO Technologies could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace EZGO Technologies when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back EZGO Technologies - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling EZGO Technologies to buy it.
Moving together with EZGO Stock
| 0.83 | UA | Under Armour C | PairCorr |
| 0.88 | VEEE | Twin Vee Powercats | PairCorr |
| 0.71 | DXYN | Dixie Group Earnings Call This Week | PairCorr |
| 0.82 | VMAR | Vision Marine Techno Financial Report 11th of July 2024 | PairCorr |
| 0.64 | VNCE | Vince Holding Corp | PairCorr |
| 0.68 | VOXX | VOXX International Report 20th of May 2024 | PairCorr |
| 0.75 | VUZI | Vuzix Corp Cmn Financial Report 8th of May 2024 | PairCorr |
| 0.62 | ESCA | Escalade Incorporated Financial Report 14th of May 2024 | PairCorr |
| 0.83 | FORD | Forward Industries | PairCorr |
| 0.63 | FOSL | Fossil Group | PairCorr |
Moving against EZGO Stock
| 0.74 | VSTO | Vista Outdoor Financial Report 1st of May 2024 | PairCorr |
| 0.59 | DOOO | BRP Inc Financial Report 6th of June 2024 | PairCorr |
| 0.58 | NVR | NVR Inc | PairCorr |
| 0.44 | DOGZ | Dogness International | PairCorr |
| 0.44 | VZIO | Vizio Holding Corp Financial Report 14th of May 2024 | PairCorr |
| 0.41 | BLD | Topbuild Corp Financial Report 2nd of May 2024 | PairCorr |
Related Correlations Analysis
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
Correlation Matchups
Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.High positive correlations
| High negative correlations
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Risk-Adjusted Indicators
There is a big difference between EZGO Stock performing well and EZGO Technologies Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze EZGO Technologies' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| FRZA | 3.49 | (0.16) | 0.00 | (0.35) | 0.00 | 7.14 | 32.41 | |||
| VMAR | 3.06 | (0.36) | 0.00 | (2.61) | 0.00 | 8.33 | 22.14 | |||
| MPX | 2.08 | (0.05) | 0.01 | 0.06 | 2.91 | 4.17 | 22.62 | |||
| THO | 1.55 | (0.27) | 0.00 | (0.09) | 0.00 | 2.88 | 18.37 | |||
| DOOO | 1.67 | (0.03) | (0.01) | 0.05 | 1.91 | 3.44 | 11.09 | |||
| BC | 1.50 | (0.19) | 0.00 | (0.02) | 0.00 | 2.74 | 11.84 | |||
| EVVL | 743.16 | 368.26 | 0.00 | 3.96 | 0.00 | 0.00 | 24,974 | |||
| LFEV | 4.08 | 1.29 | 0.00 | (0.19) | 0.00 | 0.00 | 137.74 | |||
| LCII | 1.88 | (0.24) | 0.00 | (0.03) | 0.00 | 3.17 | 13.55 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in EZGO Technologies without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Already Invested in EZGO Technologies?
The danger of trading EZGO Technologies is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of EZGO Technologies is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than EZGO Technologies. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile EZGO Technologies is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether EZGO Technologies offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of EZGO Technologies' financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of Ezgo Technologies Stock. Outlined below are crucial reports that will aid in making a well-informed decision on Ezgo Technologies Stock: Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in EZGO Technologies. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in price. To learn how to invest in EZGO Stock, please use our How to Invest in EZGO Technologies guide.Note that the EZGO Technologies information on this page should be used as a complementary analysis to other EZGO Technologies' statistical models used 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Complementary Tools for EZGO Stock analysis
When running EZGO Technologies' price analysis, check to measure EZGO Technologies' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy EZGO Technologies is operating at the current time. Most of EZGO Technologies' value examination focuses on studying past and present price action to predict the probability of EZGO Technologies' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move EZGO Technologies' price. Additionally, you may evaluate how the addition of EZGO Technologies to your portfolios can decrease your overall portfolio volatility.
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Is EZGO Technologies' industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of EZGO Technologies. If investors know EZGO will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about EZGO Technologies listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.771 | Earnings Share (6.00) | Revenue Per Share 13.88 | Quarterly Revenue Growth (0.14) | Return On Assets (0.05) |
The market value of EZGO Technologies is measured differently than its book value, which is the value of EZGO that is recorded on the company's balance sheet. Investors also form their own opinion of EZGO Technologies' value that differs from its market value or its book value, called intrinsic value, which is EZGO Technologies' true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because EZGO Technologies' market value can be influenced by many factors that don't directly affect EZGO Technologies' underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between EZGO Technologies' value and its price as these two are different measures arrived at by different means. Investors typically determine if EZGO Technologies is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, EZGO Technologies' price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.