Correlation Between IMAGIN MEDICAL and Microbot Medical
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Microbot Medical 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 Microbot Medical 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 Microbot Medical, you can compare the effects of market volatilities on IMAGIN MEDICAL and Microbot Medical 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 Microbot Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Microbot Medical.
Diversification Opportunities for IMAGIN MEDICAL and Microbot Medical
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Microbot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Microbot Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microbot Medical 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 Microbot Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microbot Medical has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Microbot Medical go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Microbot Medical
If you would invest 87.00 in Microbot Medical on August 30, 2024 and sell it today you would earn a total of 6.00 from holding Microbot Medical or generate 6.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. Microbot Medical
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| Microbot Medical |
IMAGIN MEDICAL and Microbot Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and Microbot Medical
The main advantage of trading using opposite IMAGIN MEDICAL and Microbot Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Microbot Medical 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 Microbot Medical will offset losses from the drop in Microbot Medical's long position.| IMAGIN MEDICAL vs. Medtronic PLC | IMAGIN MEDICAL vs. Stryker | IMAGIN MEDICAL vs. Boston Scientific | IMAGIN MEDICAL vs. Edwards Lifesciences |
| Microbot Medical vs. Air Transport Services | Microbot Medical vs. Gaztransport Technigaz SA | Microbot Medical vs. Ming Le Sports | Microbot Medical vs. SPORTING |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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