Correlation Between IMAGIN MEDICAL and Platinum Group
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Platinum Group 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 Platinum Group 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 Platinum Group Metals, you can compare the effects of market volatilities on IMAGIN MEDICAL and Platinum Group 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 Platinum Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Platinum Group.
Diversification Opportunities for IMAGIN MEDICAL and Platinum Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Platinum is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Platinum Group Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Platinum Group Metals 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 Platinum Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Platinum Group Metals has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Platinum Group go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Platinum Group
If you would invest 110.00 in Platinum Group Metals on October 24, 2024 and sell it today you would earn a total of 16.00 from holding Platinum Group Metals or generate 14.55% 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. Platinum Group Metals
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| Platinum Group Metals |
IMAGIN MEDICAL and Platinum Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and Platinum Group
The main advantage of trading using opposite IMAGIN MEDICAL and Platinum Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Platinum Group 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 Platinum Group will offset losses from the drop in Platinum Group's long position.| IMAGIN MEDICAL vs. Waste Management | IMAGIN MEDICAL vs. Easy Software AG | IMAGIN MEDICAL vs. Cleanaway Waste Management | IMAGIN MEDICAL vs. ASURE SOFTWARE |
| Platinum Group vs. Chiba Bank | Platinum Group vs. RCS MediaGroup SpA | Platinum Group vs. Discover Financial Services | Platinum Group vs. PARKEN Sport Entertainment |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |