Correlation Between IMAGIN MEDICAL and Eidesvik Offshore
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Eidesvik Offshore 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 Eidesvik Offshore 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 Eidesvik Offshore ASA, you can compare the effects of market volatilities on IMAGIN MEDICAL and Eidesvik Offshore 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 Eidesvik Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Eidesvik Offshore.
Diversification Opportunities for IMAGIN MEDICAL and Eidesvik Offshore
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Eidesvik is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Eidesvik Offshore ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eidesvik Offshore ASA 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 Eidesvik Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eidesvik Offshore ASA has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Eidesvik Offshore go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Eidesvik Offshore
If you would invest 0.05 in IMAGIN MEDICAL INC on September 20, 2024 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 | 95.45% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. Eidesvik Offshore ASA
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| Eidesvik Offshore ASA |
IMAGIN MEDICAL and Eidesvik Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and Eidesvik Offshore
The main advantage of trading using opposite IMAGIN MEDICAL and Eidesvik Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Eidesvik Offshore 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 Eidesvik Offshore will offset losses from the drop in Eidesvik Offshore's long position.| IMAGIN MEDICAL vs. Superior Plus Corp | IMAGIN MEDICAL vs. SIVERS SEMICONDUCTORS AB | IMAGIN MEDICAL vs. Norsk Hydro ASA | IMAGIN MEDICAL vs. Reliance Steel Aluminum |
| Eidesvik Offshore vs. Ryanair Holdings plc | Eidesvik Offshore vs. IMAGIN MEDICAL INC | Eidesvik Offshore vs. Westinghouse Air Brake | Eidesvik Offshore vs. MEDICAL FACILITIES NEW |
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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