Correlation Between Powerbridge Technologies and EGain

Can any of the company-specific risk be diversified away by investing in both Powerbridge Technologies and EGain 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 Powerbridge Technologies and EGain into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Powerbridge Technologies Co and eGain, you can compare the effects of market volatilities on Powerbridge Technologies and EGain 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 Powerbridge Technologies with a short position of EGain. Check out your portfolio center. Please also check ongoing floating volatility patterns of Powerbridge Technologies and EGain.

Diversification Opportunities for Powerbridge Technologies and EGain

0.0

Correlation Coefficient

Powerbridge Technologies  EGain

Pay attention - limited upside

The 3 months correlation between Powerbridge and EGain is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Powerbridge Technologies Co and eGain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on eGain and Powerbridge Technologies 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 Powerbridge Technologies Co are associated (or correlated) with EGain. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of eGain has no effect on the direction of Powerbridge Technologies i.e., Powerbridge Technologies and EGain go up and down completely randomly.

Pair Corralation between Powerbridge Technologies and EGain

If you would invest  491.00  in eGain on May 5, 2025 and sell it today you would earn a total of  91.00  from holding eGain or generate 18.53% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Powerbridge Technologies Co  vs.  eGain

Powerbridge Technologies

Risk-Adjusted Performance

Very Weak

Over the last 90 days Powerbridge Technologies Co has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Powerbridge Technologies is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

eGain

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in eGain are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of very weak basic indicators, EGain displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Powerbridge Technologies and EGain

The main advantage of trading using opposite Powerbridge Technologies and EGain positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Powerbridge Technologies position performs unexpectedly, EGain 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 EGain will offset losses from the drop in EGain's long position.

The idea behind Powerbridge Technologies Co and eGain pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.