Correlation Between IMAGIN MEDICAL and GBS Software
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and GBS Software 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 GBS Software 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 GBS Software AG, you can compare the effects of market volatilities on IMAGIN MEDICAL and GBS Software 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 GBS Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and GBS Software.
Diversification Opportunities for IMAGIN MEDICAL and GBS Software
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and GBS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and GBS Software AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GBS Software AG 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 GBS Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GBS Software AG has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and GBS Software go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and GBS Software
If you would invest 262.00 in GBS Software AG on October 24, 2024 and sell it today you would earn a total of 52.00 from holding GBS Software AG or generate 19.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. GBS Software AG
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| GBS Software AG |
IMAGIN MEDICAL and GBS Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and GBS Software
The main advantage of trading using opposite IMAGIN MEDICAL and GBS Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, GBS Software 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 GBS Software will offset losses from the drop in GBS Software's long position.| IMAGIN MEDICAL vs. Waste Management | IMAGIN MEDICAL vs. Easy Software AG | IMAGIN MEDICAL vs. Cleanaway Waste Management | IMAGIN MEDICAL vs. ASURE SOFTWARE |
| GBS Software vs. Air Transport Services | GBS Software vs. EVS Broadcast Equipment | GBS Software vs. Gold Road Resources | GBS Software vs. IMAGIN MEDICAL INC |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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