Correlation Between IMAGIN MEDICAL and Microsoft
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Microsoft 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 Microsoft 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 Microsoft, you can compare the effects of market volatilities on IMAGIN MEDICAL and Microsoft 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 Microsoft. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Microsoft.
Diversification Opportunities for IMAGIN MEDICAL and Microsoft
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Microsoft is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Microsoft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Microsoft 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 Microsoft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Microsoft has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Microsoft go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Microsoft
If you would invest 0.05 in IMAGIN MEDICAL INC on November 27, 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 | 100.0% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. Microsoft
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| Microsoft |
IMAGIN MEDICAL and Microsoft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and Microsoft
The main advantage of trading using opposite IMAGIN MEDICAL and Microsoft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Microsoft 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 Microsoft will offset losses from the drop in Microsoft's long position.| IMAGIN MEDICAL vs. KOBE STEEL LTD | IMAGIN MEDICAL vs. GEELY AUTOMOBILE | IMAGIN MEDICAL vs. Daido Steel Co | IMAGIN MEDICAL vs. COSMOSTEEL HLDGS |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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