Correlation Between National Retail and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both National Retail 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 National Retail and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National Retail Properties and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on National Retail 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 National Retail with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of National Retail and IMAGIN MEDICAL.
Diversification Opportunities for National Retail and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National Retail Properties 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 National Retail 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 National Retail Properties 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 National Retail i.e., National Retail and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between National Retail and IMAGIN MEDICAL
If you would invest 3,807 in National Retail Properties on September 3, 2024 and sell it today you would earn a total of 391.00 from holding National Retail Properties or generate 10.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.22% |
| Values | Daily Returns |
National Retail Properties vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| National Retail Prop |
| IMAGIN MEDICAL INC |
National Retail and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National Retail and IMAGIN MEDICAL
The main advantage of trading using opposite National Retail and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National Retail 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.| National Retail vs. QBE Insurance Group | National Retail vs. United Natural Foods | National Retail vs. TYSON FOODS A | National Retail vs. Luckin Coffee |
| IMAGIN MEDICAL vs. National Health Investors | IMAGIN MEDICAL vs. FEMALE HEALTH | IMAGIN MEDICAL vs. HEALTHCARE REAL A | IMAGIN MEDICAL vs. Japan Asia Investment |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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