Correlation Between IMAGIN MEDICAL and MEDICAL FACILITIES
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and MEDICAL FACILITIES 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 MEDICAL FACILITIES 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 MEDICAL FACILITIES NEW, you can compare the effects of market volatilities on IMAGIN MEDICAL and MEDICAL FACILITIES 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 MEDICAL FACILITIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and MEDICAL FACILITIES.
Diversification Opportunities for IMAGIN MEDICAL and MEDICAL FACILITIES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and MEDICAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and MEDICAL FACILITIES NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MEDICAL FACILITIES NEW 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 MEDICAL FACILITIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MEDICAL FACILITIES NEW has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and MEDICAL FACILITIES go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and MEDICAL FACILITIES
If you would invest 0.05 in IMAGIN MEDICAL INC on October 20, 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 | 94.44% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. MEDICAL FACILITIES NEW
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| MEDICAL FACILITIES NEW |
IMAGIN MEDICAL and MEDICAL FACILITIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and MEDICAL FACILITIES
The main advantage of trading using opposite IMAGIN MEDICAL and MEDICAL FACILITIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, MEDICAL FACILITIES 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 MEDICAL FACILITIES will offset losses from the drop in MEDICAL FACILITIES's long position.| IMAGIN MEDICAL vs. Take Two Interactive Software | IMAGIN MEDICAL vs. Firan Technology Group | IMAGIN MEDICAL vs. ALEFARM BREWING DK 05 | IMAGIN MEDICAL vs. Chongqing Machinery Electric |
| MEDICAL FACILITIES vs. AIR PRODCHEMICALS | MEDICAL FACILITIES vs. KIMBALL ELECTRONICS | MEDICAL FACILITIES vs. STMICROELECTRONICS | MEDICAL FACILITIES vs. Globex Mining Enterprises |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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