Correlation Between IMAGIN MEDICAL and STORE ELECTRONIC
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and STORE ELECTRONIC 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 STORE ELECTRONIC 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 STORE ELECTRONIC, you can compare the effects of market volatilities on IMAGIN MEDICAL and STORE ELECTRONIC 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 STORE ELECTRONIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and STORE ELECTRONIC.
Diversification Opportunities for IMAGIN MEDICAL and STORE ELECTRONIC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and STORE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and STORE ELECTRONIC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STORE ELECTRONIC 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 STORE ELECTRONIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STORE ELECTRONIC has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and STORE ELECTRONIC go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and STORE ELECTRONIC
If you would invest 16,650 in STORE ELECTRONIC on December 8, 2024 and sell it today you would earn a total of 2,150 from holding STORE ELECTRONIC or generate 12.91% 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. STORE ELECTRONIC
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| STORE ELECTRONIC |
IMAGIN MEDICAL and STORE ELECTRONIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and STORE ELECTRONIC
The main advantage of trading using opposite IMAGIN MEDICAL and STORE ELECTRONIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, STORE ELECTRONIC 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 STORE ELECTRONIC will offset losses from the drop in STORE ELECTRONIC's long position.| IMAGIN MEDICAL vs. Medical Properties Trust | ||
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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