Correlation Between Coincheck Group and Evgo

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

By analyzing existing cross correlation between Coincheck Group NV and Evgo Inc, you can compare the effects of market volatilities on Coincheck Group and Evgo 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 Coincheck Group with a short position of Evgo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coincheck Group and Evgo.

Diversification Opportunities for Coincheck Group and Evgo

-0.34

Correlation Coefficient

Coincheck Group  Evgo

Very good diversification

The 3 months correlation between Coincheck and Evgo is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Coincheck Group NV and Evgo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evgo Inc and Coincheck Group 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 Coincheck Group NV are associated (or correlated) with Evgo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evgo Inc has no effect on the direction of Coincheck Group i.e., Coincheck Group and Evgo go up and down completely randomly.

Pair Corralation between Coincheck Group and Evgo

Given the investment horizon of 90 days Coincheck Group NV is expected to under-perform the Evgo. But the pink sheet apears to be less risky and, when comparing its historical volatility, Coincheck Group NV is 1.03 times less risky than Evgo. The pink sheet trades about -0.1 of its potential returns per unit of risk. The Evgo Inc is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  397.00  in Evgo Inc on July 22, 2025 and sell it today you would earn a total of  28.00  from holding Evgo Inc or generate 7.05% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Coincheck Group NV  vs.  Evgo Inc

Coincheck Group NV

Risk-Adjusted Performance

Weakest

Over the last 90 days Coincheck Group NV has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unfluctuating performance in the last few months, the Stock's fundamental indicators remain quite persistent which may send shares a bit higher in November 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Evgo Inc

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in Evgo Inc are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of very unsteady technical and fundamental indicators, Evgo may actually be approaching a critical reversion point that can send shares even higher in November 2025.

Pair Trading with Coincheck Group and Evgo

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

The idea behind Coincheck Group NV and Evgo Inc 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.