Correlation Between CREO MEDICAL and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both CREO MEDICAL and IMAGIN MEDICAL 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 CREO MEDICAL and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CREO MEDICAL GRP and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on CREO MEDICAL and IMAGIN MEDICAL 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 CREO MEDICAL with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of CREO MEDICAL and IMAGIN MEDICAL.
Diversification Opportunities for CREO MEDICAL and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CREO and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CREO MEDICAL GRP and IMAGIN MEDICAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAGIN MEDICAL INC and CREO MEDICAL 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 CREO MEDICAL GRP are associated (or correlated) with IMAGIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAGIN MEDICAL INC has no effect on the direction of CREO MEDICAL i.e., CREO MEDICAL and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between CREO MEDICAL and IMAGIN MEDICAL
If you would invest 0.05 in IMAGIN MEDICAL INC on October 29, 2024 and sell it today you would earn a total of 0.00 from holding IMAGIN MEDICAL INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
CREO MEDICAL GRP vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| CREO MEDICAL GRP |
| IMAGIN MEDICAL INC |
CREO MEDICAL and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CREO MEDICAL and IMAGIN MEDICAL
The main advantage of trading using opposite CREO MEDICAL and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CREO MEDICAL position performs unexpectedly, IMAGIN MEDICAL 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 IMAGIN MEDICAL will offset losses from the drop in IMAGIN MEDICAL's long position.| CREO MEDICAL vs. Apple Inc | CREO MEDICAL vs. Apple Inc | CREO MEDICAL vs. Apple Inc | CREO MEDICAL vs. Apple Inc |
| IMAGIN MEDICAL vs. InPlay Oil Corp | IMAGIN MEDICAL vs. American Eagle Outfitters | IMAGIN MEDICAL vs. URBAN OUTFITTERS | IMAGIN MEDICAL vs. JD SPORTS FASH |
Check out your portfolio center.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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |