Correlation Between IMAGIN MEDICAL and AOYAMA TRADING
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and AOYAMA TRADING 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 AOYAMA TRADING 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 AOYAMA TRADING, you can compare the effects of market volatilities on IMAGIN MEDICAL and AOYAMA TRADING 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 AOYAMA TRADING. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and AOYAMA TRADING.
Diversification Opportunities for IMAGIN MEDICAL and AOYAMA TRADING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and AOYAMA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and AOYAMA TRADING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AOYAMA TRADING 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 AOYAMA TRADING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AOYAMA TRADING has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and AOYAMA TRADING go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and AOYAMA TRADING
If you would invest 790.00 in AOYAMA TRADING on September 3, 2024 and sell it today you would earn a total of 620.00 from holding AOYAMA TRADING or generate 78.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. AOYAMA TRADING
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| AOYAMA TRADING |
IMAGIN MEDICAL and AOYAMA TRADING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and AOYAMA TRADING
The main advantage of trading using opposite IMAGIN MEDICAL and AOYAMA TRADING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, AOYAMA TRADING 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 AOYAMA TRADING will offset losses from the drop in AOYAMA TRADING's long position.| IMAGIN MEDICAL vs. National Health Investors | IMAGIN MEDICAL vs. FEMALE HEALTH | IMAGIN MEDICAL vs. HEALTHCARE REAL A | IMAGIN MEDICAL vs. Japan Asia Investment |
| AOYAMA TRADING vs. CVW CLEANTECH INC | AOYAMA TRADING vs. Brockhaus Capital Management | AOYAMA TRADING vs. SOFI TECHNOLOGIES | AOYAMA TRADING vs. Cardinal Health |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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