Correlation Between IMAGIN MEDICAL and FAIR ISAAC
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and FAIR ISAAC 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 FAIR ISAAC 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 FAIR ISAAC, you can compare the effects of market volatilities on IMAGIN MEDICAL and FAIR ISAAC 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 FAIR ISAAC. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and FAIR ISAAC.
Diversification Opportunities for IMAGIN MEDICAL and FAIR ISAAC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and FAIR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and FAIR ISAAC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FAIR ISAAC 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 FAIR ISAAC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FAIR ISAAC has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and FAIR ISAAC go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and FAIR ISAAC
If you would invest 157,150 in FAIR ISAAC on November 2, 2024 and sell it today you would earn a total of 21,550 from holding FAIR ISAAC or generate 13.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.03% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. FAIR ISAAC
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| FAIR ISAAC |
IMAGIN MEDICAL and FAIR ISAAC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and FAIR ISAAC
The main advantage of trading using opposite IMAGIN MEDICAL and FAIR ISAAC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, FAIR ISAAC 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 FAIR ISAAC will offset losses from the drop in FAIR ISAAC's long position.| IMAGIN MEDICAL vs. Commercial Vehicle Group | IMAGIN MEDICAL vs. SCANSOURCE | IMAGIN MEDICAL vs. CarsalesCom | IMAGIN MEDICAL vs. Motorcar Parts of |
| FAIR ISAAC vs. GALENA MINING LTD | FAIR ISAAC vs. Harmony Gold Mining | FAIR ISAAC vs. MCEWEN MINING INC | FAIR ISAAC vs. 24SEVENOFFICE GROUP AB |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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