Correlation Between IMAGIN MEDICAL and Nike

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Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Nike 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 Nike 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 Nike Inc, you can compare the effects of market volatilities on IMAGIN MEDICAL and Nike 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 Nike. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Nike.

Diversification Opportunities for IMAGIN MEDICAL and Nike

IMAGINNikeDiversified AwayIMAGINNikeDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between IMAGIN and Nike is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Nike Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nike Inc 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 Nike. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nike Inc has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Nike go up and down completely randomly.

Pair Corralation between IMAGIN MEDICAL and Nike

If you would invest  0.05  in IMAGIN MEDICAL INC on September 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 Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

IMAGIN MEDICAL INC  vs.  Nike Inc

 Performance 
JavaScript chart by amCharts 3.21.15OctNovDec -10-505
JavaScript chart by amCharts 3.21.15DPD3 NKE
       Timeline  
IMAGIN MEDICAL INC 

Risk-Adjusted Performance

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Over the last 90 days IMAGIN MEDICAL INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, IMAGIN MEDICAL is not utilizing all of its potentials. The newest stock price disturbance, may contribute to mid-run losses for the stockholders.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec0.00050.0005050.000510.000515
Nike Inc 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Nike Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest fragile performance, the Stock's basic indicators remain stable and the current disturbance on Wall Street may also be a sign of long-run gains for the company stockholders.
JavaScript chart by amCharts 3.21.15OctNovDecNovDec707274767880

IMAGIN MEDICAL and Nike Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15 0.020.040.060.080.100.120.14
JavaScript chart by amCharts 3.21.15DPD3 NKE
       Returns  

Pair Trading with IMAGIN MEDICAL and Nike

The main advantage of trading using opposite IMAGIN MEDICAL and Nike positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Nike 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 Nike will offset losses from the drop in Nike's long position.
The idea behind IMAGIN MEDICAL INC and Nike Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.

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