Correlation Between IMAGIN MEDICAL and PF Bakkafrost
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and PF Bakkafrost 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 PF Bakkafrost 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 PF Bakkafrost, you can compare the effects of market volatilities on IMAGIN MEDICAL and PF Bakkafrost 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 PF Bakkafrost. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and PF Bakkafrost.
Diversification Opportunities for IMAGIN MEDICAL and PF Bakkafrost
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and 6BF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and PF Bakkafrost in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PF Bakkafrost 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 PF Bakkafrost. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PF Bakkafrost has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and PF Bakkafrost go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and PF Bakkafrost
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. PF Bakkafrost
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| PF Bakkafrost |
IMAGIN MEDICAL and PF Bakkafrost Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and PF Bakkafrost
The main advantage of trading using opposite IMAGIN MEDICAL and PF Bakkafrost positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, PF Bakkafrost 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 PF Bakkafrost will offset losses from the drop in PF Bakkafrost'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 |
| PF Bakkafrost vs. Sysco | PF Bakkafrost vs. Jernimo Martins SGPS | PF Bakkafrost vs. Bunzl plc | PF Bakkafrost vs. JERONIMO MARTINS UNADR2 |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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