Correlation Between IMAGIN MEDICAL and MHP Hotel
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By analyzing existing cross correlation between IMAGIN MEDICAL INC and MHP Hotel AG, you can compare the effects of market volatilities on IMAGIN MEDICAL and MHP Hotel 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 MHP Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and MHP Hotel.
Diversification Opportunities for IMAGIN MEDICAL and MHP Hotel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and MHP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and MHP Hotel AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MHP Hotel AG 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 MHP Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MHP Hotel AG has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and MHP Hotel go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and MHP Hotel
If you would invest 121.00 in MHP Hotel AG on November 1, 2024 and sell it today you would earn a total of 8.00 from holding MHP Hotel AG or generate 6.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. MHP Hotel AG
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| MHP Hotel AG |
IMAGIN MEDICAL and MHP Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and MHP Hotel
The main advantage of trading using opposite IMAGIN MEDICAL and MHP Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, MHP Hotel 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 MHP Hotel will offset losses from the drop in MHP Hotel's long position.| IMAGIN MEDICAL vs. Air New Zealand | IMAGIN MEDICAL vs. SYSTEMAIR AB | IMAGIN MEDICAL vs. CompuGroup Medical SE | IMAGIN MEDICAL vs. ONWARD MEDICAL BV |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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