Correlation Between IMAGIN MEDICAL and MUTUIONLINE
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and MUTUIONLINE 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 MUTUIONLINE 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 MUTUIONLINE, you can compare the effects of market volatilities on IMAGIN MEDICAL and MUTUIONLINE 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 MUTUIONLINE. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and MUTUIONLINE.
Diversification Opportunities for IMAGIN MEDICAL and MUTUIONLINE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and MUTUIONLINE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and MUTUIONLINE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUTUIONLINE 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 MUTUIONLINE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUTUIONLINE has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and MUTUIONLINE go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and MUTUIONLINE
If you would invest 3,772 in MUTUIONLINE on August 31, 2024 and sell it today you would earn a total of 98.00 from holding MUTUIONLINE or generate 2.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.23% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. MUTUIONLINE
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| MUTUIONLINE |
IMAGIN MEDICAL and MUTUIONLINE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and MUTUIONLINE
The main advantage of trading using opposite IMAGIN MEDICAL and MUTUIONLINE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, MUTUIONLINE 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 MUTUIONLINE will offset losses from the drop in MUTUIONLINE's long position.| IMAGIN MEDICAL vs. Stryker | IMAGIN MEDICAL vs. Insulet | IMAGIN MEDICAL vs. Superior Plus Corp | IMAGIN MEDICAL vs. NMI Holdings |
| MUTUIONLINE vs. SIVERS SEMICONDUCTORS AB | MUTUIONLINE vs. Darden Restaurants | MUTUIONLINE vs. Reliance Steel Aluminum | MUTUIONLINE vs. Q2M Managementberatung AG |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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