Correlation Between IMAGIN MEDICAL and LENNAR CORP
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and LENNAR CORP 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 LENNAR CORP 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 LENNAR P B, you can compare the effects of market volatilities on IMAGIN MEDICAL and LENNAR CORP 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 LENNAR CORP. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and LENNAR CORP.
Diversification Opportunities for IMAGIN MEDICAL and LENNAR CORP
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and LENNAR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and LENNAR P B in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LENNAR CORP 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 LENNAR CORP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LENNAR CORP has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and LENNAR CORP go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and LENNAR CORP
If you would invest 0.05 in IMAGIN MEDICAL INC on October 12, 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 | 94.44% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. LENNAR P B
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| LENNAR CORP |
IMAGIN MEDICAL and LENNAR CORP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and LENNAR CORP
The main advantage of trading using opposite IMAGIN MEDICAL and LENNAR CORP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, LENNAR CORP 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 LENNAR CORP will offset losses from the drop in LENNAR CORP's long position.| IMAGIN MEDICAL vs. Boston Scientific | IMAGIN MEDICAL vs. Zimmer Biomet Holdings | IMAGIN MEDICAL vs. Align Technology | IMAGIN MEDICAL vs. Superior Plus Corp |
| LENNAR CORP vs. Zoom Video Communications | LENNAR CORP vs. PULSION Medical Systems | LENNAR CORP vs. ecotel communication ag | LENNAR CORP 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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