Correlation Analysis Between EVO Payments and A10 Networks

This module allows you to analyze existing cross correlation between EVO Payments and A10 Networks. You can compare the effects of market volatilities on EVO Payments and A10 Networks 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 EVO Payments with a short position of A10 Networks. See also your portfolio center. Please also check ongoing floating volatility patterns of EVO Payments and A10 Networks.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

EVO Payments  
00

Risk-Adjusted Performance

Over the last 30 days EVO Payments has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite very unfluctuating forward-looking indicators, EVO Payments is not utilizing all of its potentials. The new stock price disarray, may contribute to short term momentum losses for the insiders.
A10 Networks  
1010

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in A10 Networks are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days. Allthough quite sluggish forward indicators, A10 Networks disclosed solid returns over the last few months and may actually be approaching a breakup point.

EVO Payments and A10 Networks Volatility Contrast

 Predicted Return Density 
      Returns 

EVO Payments Inc  vs.  A10 Networks Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, EVO Payments is expected to under-perform the A10 Networks. But the stock apears to be less risky and, when comparing its historical volatility, EVO Payments is 1.26 times less risky than A10 Networks. The stock trades about -0.03 of its potential returns per unit of risk. The A10 Networks is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  649.00  in A10 Networks on August 17, 2019 and sell it today you would earn a total of  129.00  from holding A10 Networks or generate 19.88% return on investment over 30 days.

Pair Corralation between EVO Payments and A10 Networks

0.88
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for EVO Payments and A10 Networks

EVO Payments Inc diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding EVO Payments Inc and A10 Networks Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on A10 Networks and EVO Payments 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 EVO Payments are associated (or correlated) with A10 Networks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of A10 Networks has no effect on the direction of EVO Payments i.e. EVO Payments and A10 Networks go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
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