Correlation Between IMAGIN MEDICAL and CryoLife
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and CryoLife 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 CryoLife 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 CryoLife, you can compare the effects of market volatilities on IMAGIN MEDICAL and CryoLife 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 CryoLife. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and CryoLife.
Diversification Opportunities for IMAGIN MEDICAL and CryoLife
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and CryoLife is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and CryoLife in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CryoLife 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 CryoLife. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CryoLife has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and CryoLife go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and CryoLife
If you would invest 0.05 in IMAGIN MEDICAL INC on January 16, 2025 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 Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. CryoLife
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| CryoLife |
IMAGIN MEDICAL and CryoLife Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and CryoLife
The main advantage of trading using opposite IMAGIN MEDICAL and CryoLife positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, CryoLife 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 CryoLife will offset losses from the drop in CryoLife's long position.| IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Align Technology | IMAGIN MEDICAL vs. SIVERS SEMICONDUCTORS AB | IMAGIN MEDICAL vs. Intel |
| CryoLife vs. CARDINAL HEALTH | CryoLife vs. UNITED INTERNET N | CryoLife vs. GMO Internet | CryoLife vs. Hellenic Telecommunications Organization |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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