Correlation Between IMAGIN MEDICAL and ASURE SOFTWARE
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and ASURE SOFTWARE 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 ASURE SOFTWARE 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 ASURE SOFTWARE, you can compare the effects of market volatilities on IMAGIN MEDICAL and ASURE SOFTWARE 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 ASURE SOFTWARE. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and ASURE SOFTWARE.
Diversification Opportunities for IMAGIN MEDICAL and ASURE SOFTWARE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and ASURE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and ASURE SOFTWARE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASURE SOFTWARE 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 ASURE SOFTWARE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASURE SOFTWARE has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and ASURE SOFTWARE go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and ASURE SOFTWARE
If you would invest 910.00 in ASURE SOFTWARE on October 17, 2024 and sell it today you would earn a total of 200.00 from holding ASURE SOFTWARE or generate 21.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. ASURE SOFTWARE
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| ASURE SOFTWARE |
IMAGIN MEDICAL and ASURE SOFTWARE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and ASURE SOFTWARE
The main advantage of trading using opposite IMAGIN MEDICAL and ASURE SOFTWARE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, ASURE SOFTWARE 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 ASURE SOFTWARE will offset losses from the drop in ASURE SOFTWARE's long position.| IMAGIN MEDICAL vs. Darden Restaurants | IMAGIN MEDICAL vs. Scandinavian Tobacco Group | IMAGIN MEDICAL vs. Playa Hotels Resorts | IMAGIN MEDICAL vs. Monster Beverage Corp |
| ASURE SOFTWARE vs. SWISS WATER DECAFFCOFFEE | ASURE SOFTWARE vs. CSSC Offshore Marine | ASURE SOFTWARE vs. SOGECLAIR SA INH | ASURE SOFTWARE vs. CanSino Biologics |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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