Correlation Between IMAGIN MEDICAL and National Retail
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and National Retail 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 National Retail 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 National Retail Properties, you can compare the effects of market volatilities on IMAGIN MEDICAL and National Retail 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 National Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and National Retail.
Diversification Opportunities for IMAGIN MEDICAL and National Retail
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and National is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and National Retail Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Retail Prop 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 National Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Retail Prop has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and National Retail go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and National Retail
If you would invest 3,807 in National Retail Properties on September 3, 2024 and sell it today you would earn a total of 391.00 from holding National Retail Properties or generate 10.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.22% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. National Retail Properties
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| National Retail Prop |
IMAGIN MEDICAL and National Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and National Retail
The main advantage of trading using opposite IMAGIN MEDICAL and National Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, National Retail 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 National Retail will offset losses from the drop in National Retail's long position.| IMAGIN MEDICAL vs. National Health Investors | IMAGIN MEDICAL vs. FEMALE HEALTH | IMAGIN MEDICAL vs. HEALTHCARE REAL A | IMAGIN MEDICAL vs. Japan Asia Investment |
| National Retail vs. QBE Insurance Group | National Retail vs. United Natural Foods | National Retail vs. TYSON FOODS A | National Retail vs. Luckin Coffee |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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