Correlation Between IMAGIN MEDICAL and Neinor Homes
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Neinor Homes 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 IMAGIN MEDICAL and Neinor Homes into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IMAGIN MEDICAL INC and Neinor Homes SA, you can compare the effects of market volatilities on IMAGIN MEDICAL and Neinor Homes 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 IMAGIN MEDICAL with a short position of Neinor Homes. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Neinor Homes.
Diversification Opportunities for IMAGIN MEDICAL and Neinor Homes
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Neinor is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Neinor Homes SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neinor Homes SA and IMAGIN 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 IMAGIN MEDICAL INC are associated (or correlated) with Neinor Homes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neinor Homes SA has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Neinor Homes go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Neinor Homes
If you would invest 1,494 in Neinor Homes SA on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Neinor Homes SA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. Neinor Homes SA
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| Neinor Homes SA |
IMAGIN MEDICAL and Neinor Homes Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and Neinor Homes
The main advantage of trading using opposite IMAGIN MEDICAL and Neinor Homes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Neinor Homes 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 Neinor Homes will offset losses from the drop in Neinor Homes' long position.| IMAGIN MEDICAL vs. Superior Plus Corp | IMAGIN MEDICAL vs. NMI Holdings | IMAGIN MEDICAL vs. Origin Agritech | IMAGIN MEDICAL vs. SIVERS SEMICONDUCTORS AB |
| Neinor Homes vs. Apple Inc | Neinor Homes vs. Apple Inc | Neinor Homes vs. Apple Inc | Neinor Homes vs. Apple Inc |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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