Correlation Between IMAGIN MEDICAL and Marks
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Marks 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 Marks 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 Marks and Spencer, you can compare the effects of market volatilities on IMAGIN MEDICAL and Marks 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 Marks. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Marks.
Diversification Opportunities for IMAGIN MEDICAL and Marks
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Marks is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Marks and Spencer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marks and Spencer 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 Marks. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marks and Spencer has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Marks go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Marks
If you would invest 0.05 in IMAGIN MEDICAL INC on November 4, 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. Marks and Spencer
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| Marks and Spencer |
IMAGIN MEDICAL and Marks Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and Marks
The main advantage of trading using opposite IMAGIN MEDICAL and Marks positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Marks 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 Marks will offset losses from the drop in Marks' long position.| IMAGIN MEDICAL vs. Cal Maine Foods | IMAGIN MEDICAL vs. Thai Beverage Public | IMAGIN MEDICAL vs. PREMIER FOODS | IMAGIN MEDICAL vs. NORWEGIAN AIR SHUT |
| Marks vs. ANGLO ASIAN MINING | Marks vs. REVO INSURANCE SPA | Marks vs. Japan Post Insurance | Marks vs. Aya Gold Silver |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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