Correlation Between IMAGIN MEDICAL and MOBILE FACTORY
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and MOBILE FACTORY 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 MOBILE FACTORY 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 MOBILE FACTORY INC, you can compare the effects of market volatilities on IMAGIN MEDICAL and MOBILE FACTORY 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 MOBILE FACTORY. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and MOBILE FACTORY.
Diversification Opportunities for IMAGIN MEDICAL and MOBILE FACTORY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and MOBILE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and MOBILE FACTORY INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOBILE FACTORY INC 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 MOBILE FACTORY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOBILE FACTORY INC has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and MOBILE FACTORY go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and MOBILE FACTORY
If you would invest 570.00 in MOBILE FACTORY INC on November 1, 2024 and sell it today you would earn a total of 15.00 from holding MOBILE FACTORY INC or generate 2.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. MOBILE FACTORY INC
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| MOBILE FACTORY INC |
IMAGIN MEDICAL and MOBILE FACTORY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and MOBILE FACTORY
The main advantage of trading using opposite IMAGIN MEDICAL and MOBILE FACTORY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, MOBILE FACTORY 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 MOBILE FACTORY will offset losses from the drop in MOBILE FACTORY's long position.| IMAGIN MEDICAL vs. Air New Zealand | IMAGIN MEDICAL vs. SYSTEMAIR AB | IMAGIN MEDICAL vs. CompuGroup Medical SE | IMAGIN MEDICAL vs. ONWARD MEDICAL BV |
| MOBILE FACTORY vs. TELECOM ITALIA | MOBILE FACTORY vs. IMAGIN MEDICAL INC | MOBILE FACTORY vs. Japan Medical Dynamic | MOBILE FACTORY vs. Inspire Medical Systems |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |