Correlation Between IMAGIN MEDICAL and Atlas Copco

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Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Atlas Copco 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 Atlas Copco 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 Atlas Copco A, you can compare the effects of market volatilities on IMAGIN MEDICAL and Atlas Copco 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 Atlas Copco. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Atlas Copco.

Diversification Opportunities for IMAGIN MEDICAL and Atlas Copco

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between IMAGIN and Atlas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Atlas Copco A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atlas Copco A 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 Atlas Copco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atlas Copco A has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Atlas Copco go up and down completely randomly.

Pair Corralation between IMAGIN MEDICAL and Atlas Copco

If you would invest  0.05  in IMAGIN MEDICAL INC on September 13, 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 Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy95.45%
ValuesDaily Returns

IMAGIN MEDICAL INC  vs.  Atlas Copco A

 Performance 
       Timeline  
IMAGIN MEDICAL INC 

Risk-Adjusted Performance

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Over the last 90 days IMAGIN MEDICAL INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, IMAGIN MEDICAL is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
Atlas Copco A 

Risk-Adjusted Performance

2 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Atlas Copco A are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Despite nearly stable basic indicators, Atlas Copco is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

IMAGIN MEDICAL and Atlas Copco Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with IMAGIN MEDICAL and Atlas Copco

The main advantage of trading using opposite IMAGIN MEDICAL and Atlas Copco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Atlas Copco 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 Atlas Copco will offset losses from the drop in Atlas Copco's long position.
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The idea behind IMAGIN MEDICAL INC and Atlas Copco A pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .

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