Correlation Between Abbott Laboratories and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Abbott Laboratories 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 Abbott Laboratories and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Abbott Laboratories and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on Abbott Laboratories 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 Abbott Laboratories with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Abbott Laboratories and IMAGIN MEDICAL.
Diversification Opportunities for Abbott Laboratories and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Abbott and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Abbott Laboratories 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 Abbott Laboratories 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 Abbott Laboratories 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 Abbott Laboratories i.e., Abbott Laboratories and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between Abbott Laboratories and IMAGIN MEDICAL
If you would invest 10,955 in Abbott Laboratories on November 3, 2024 and sell it today you would earn a total of 1,413 from holding Abbott Laboratories or generate 12.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
Abbott Laboratories vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| Abbott Laboratories |
| IMAGIN MEDICAL INC |
Abbott Laboratories and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Abbott Laboratories and IMAGIN MEDICAL
The main advantage of trading using opposite Abbott Laboratories and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Abbott Laboratories 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.| Abbott Laboratories vs. VULCAN MATERIALS | Abbott Laboratories vs. Yuexiu Transport Infrastructure | Abbott Laboratories vs. Rayonier Advanced Materials | Abbott Laboratories vs. APPLIED MATERIALS |
| IMAGIN MEDICAL vs. ALEFARM BREWING DK 05 | IMAGIN MEDICAL vs. NAGOYA RAILROAD | IMAGIN MEDICAL vs. Broadcom | IMAGIN MEDICAL vs. Federal Agricultural Mortgage |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |