Correlation Between IMAGIN MEDICAL and ScanSource
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and ScanSource 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 ScanSource 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 ScanSource, you can compare the effects of market volatilities on IMAGIN MEDICAL and ScanSource 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 ScanSource. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and ScanSource.
Diversification Opportunities for IMAGIN MEDICAL and ScanSource
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and ScanSource is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and ScanSource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ScanSource 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 ScanSource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ScanSource has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and ScanSource go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and ScanSource
If you would invest 4,140 in ScanSource on October 25, 2024 and sell it today you would earn a total of 680.00 from holding ScanSource or generate 16.43% 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. ScanSource
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| ScanSource |
IMAGIN MEDICAL and ScanSource Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and ScanSource
The main advantage of trading using opposite IMAGIN MEDICAL and ScanSource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, ScanSource 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 ScanSource will offset losses from the drop in ScanSource's long position.| IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Medtronic PLC | IMAGIN MEDICAL vs. Stryker |
| ScanSource vs. GameStop Corp | ScanSource vs. Infrastrutture Wireless Italiane | ScanSource vs. OURGAME INTHOLDL 00005 | ScanSource vs. GigaMedia |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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