Correlation Between IMAGIN MEDICAL and MCEWEN MINING
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and MCEWEN MINING 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 MCEWEN MINING 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 MCEWEN MINING INC, you can compare the effects of market volatilities on IMAGIN MEDICAL and MCEWEN MINING 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 MCEWEN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and MCEWEN MINING.
Diversification Opportunities for IMAGIN MEDICAL and MCEWEN MINING
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and MCEWEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and MCEWEN MINING INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MCEWEN MINING 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 MCEWEN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MCEWEN MINING INC has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and MCEWEN MINING go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and MCEWEN MINING
If you would invest 0.05 in IMAGIN MEDICAL INC on September 2, 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 Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.23% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. MCEWEN MINING INC
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| MCEWEN MINING INC |
IMAGIN MEDICAL and MCEWEN MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and MCEWEN MINING
The main advantage of trading using opposite IMAGIN MEDICAL and MCEWEN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, MCEWEN MINING 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 MCEWEN MINING will offset losses from the drop in MCEWEN MINING's long position.| IMAGIN MEDICAL vs. ON SEMICONDUCTOR | IMAGIN MEDICAL vs. ULTRA CLEAN HLDGS | IMAGIN MEDICAL vs. Westinghouse Air Brake | IMAGIN MEDICAL vs. Wizz Air Holdings |
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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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