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 4,520 in SCANSOURCE on October 29, 2024 and sell it today you would earn a total of 320.00 from holding SCANSOURCE or generate 7.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| 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. InPlay Oil Corp | IMAGIN MEDICAL vs. American Eagle Outfitters | IMAGIN MEDICAL vs. URBAN OUTFITTERS | IMAGIN MEDICAL vs. JD SPORTS FASH |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| 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 | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |