Correlation Between IMAGIN MEDICAL and J+J SNACK
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and J+J SNACK 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 J+J SNACK 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 JJ SNACK FOODS, you can compare the effects of market volatilities on IMAGIN MEDICAL and J+J SNACK 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 J+J SNACK. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and J+J SNACK.
Diversification Opportunities for IMAGIN MEDICAL and J+J SNACK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and J+J is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and JJ SNACK FOODS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JJ SNACK FOODS 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 J+J SNACK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JJ SNACK FOODS has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and J+J SNACK go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and J+J SNACK
If you would invest 15,444 in JJ SNACK FOODS on September 24, 2024 and sell it today you would earn a total of 556.00 from holding JJ SNACK FOODS or generate 3.6% 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. JJ SNACK FOODS
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| JJ SNACK FOODS |
IMAGIN MEDICAL and J+J SNACK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and J+J SNACK
The main advantage of trading using opposite IMAGIN MEDICAL and J+J SNACK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, J+J SNACK 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 J+J SNACK will offset losses from the drop in J+J SNACK's long position.| IMAGIN MEDICAL vs. IMPERIAL TOBACCO | IMAGIN MEDICAL vs. Japan Medical Dynamic | IMAGIN MEDICAL vs. Motorcar Parts of | IMAGIN MEDICAL vs. Carsales |
| J+J SNACK vs. Mowi ASA | J+J SNACK vs. LEROY SEAFOOD GRUNSPADR | J+J SNACK vs. Lery Seafood Group | J+J SNACK vs. Nisshin Seifun Group |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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