Correlation Between IMAGIN MEDICAL and COLUMBIA SPORTSWEAR
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and COLUMBIA SPORTSWEAR 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 COLUMBIA SPORTSWEAR 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 COLUMBIA SPORTSWEAR, you can compare the effects of market volatilities on IMAGIN MEDICAL and COLUMBIA SPORTSWEAR 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 COLUMBIA SPORTSWEAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and COLUMBIA SPORTSWEAR.
Diversification Opportunities for IMAGIN MEDICAL and COLUMBIA SPORTSWEAR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and COLUMBIA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and COLUMBIA SPORTSWEAR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COLUMBIA SPORTSWEAR 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 COLUMBIA SPORTSWEAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COLUMBIA SPORTSWEAR has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and COLUMBIA SPORTSWEAR go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and COLUMBIA SPORTSWEAR
If you would invest 7,750 in COLUMBIA SPORTSWEAR on September 21, 2024 and sell it today you would earn a total of 750.00 from holding COLUMBIA SPORTSWEAR or generate 9.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. COLUMBIA SPORTSWEAR
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| COLUMBIA SPORTSWEAR |
IMAGIN MEDICAL and COLUMBIA SPORTSWEAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and COLUMBIA SPORTSWEAR
The main advantage of trading using opposite IMAGIN MEDICAL and COLUMBIA SPORTSWEAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, COLUMBIA SPORTSWEAR 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 COLUMBIA SPORTSWEAR will offset losses from the drop in COLUMBIA SPORTSWEAR's long position.| IMAGIN MEDICAL vs. Japan Tobacco | IMAGIN MEDICAL vs. Vastned Retail NV | IMAGIN MEDICAL vs. STRAYER EDUCATION | IMAGIN MEDICAL vs. Retail Estates NV |
| COLUMBIA SPORTSWEAR vs. Microbot Medical | COLUMBIA SPORTSWEAR vs. ATOSS SOFTWARE | COLUMBIA SPORTSWEAR vs. AXWAY SOFTWARE EO | COLUMBIA SPORTSWEAR vs. IMAGIN MEDICAL INC |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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