Correlation Between IMAGIN MEDICAL and WIMFARM SA
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and WIMFARM SA 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 WIMFARM SA 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 WIMFARM SA EO, you can compare the effects of market volatilities on IMAGIN MEDICAL and WIMFARM SA 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 WIMFARM SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and WIMFARM SA.
Diversification Opportunities for IMAGIN MEDICAL and WIMFARM SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and WIMFARM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and WIMFARM SA EO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WIMFARM SA EO 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 WIMFARM SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WIMFARM SA EO has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and WIMFARM SA go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and WIMFARM SA
If you would invest 347.00 in WIMFARM SA EO on November 8, 2024 and sell it today you would earn a total of 32.00 from holding WIMFARM SA EO or generate 9.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.33% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. WIMFARM SA EO
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| WIMFARM SA EO |
IMAGIN MEDICAL and WIMFARM SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and WIMFARM SA
The main advantage of trading using opposite IMAGIN MEDICAL and WIMFARM SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, WIMFARM SA 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 WIMFARM SA will offset losses from the drop in WIMFARM SA's long position.| IMAGIN MEDICAL vs. Take Two Interactive Software | IMAGIN MEDICAL vs. Alfa Financial Software | IMAGIN MEDICAL vs. ITALIAN WINE BRANDS | IMAGIN MEDICAL vs. PENN Entertainment |
| WIMFARM SA vs. MEDCAW INVESTMENTS LS 01 | WIMFARM SA vs. Chuangs China Investments | WIMFARM SA vs. Keck Seng Investments | WIMFARM SA vs. Columbia Sportswear |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |