Correlation Between IMAGIN MEDICAL and SENECA FOODS-A
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and SENECA FOODS-A 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 SENECA FOODS-A 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 SENECA FOODS A, you can compare the effects of market volatilities on IMAGIN MEDICAL and SENECA FOODS-A 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 SENECA FOODS-A. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and SENECA FOODS-A.
Diversification Opportunities for IMAGIN MEDICAL and SENECA FOODS-A
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and SENECA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and SENECA FOODS A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SENECA FOODS A 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 SENECA FOODS-A. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SENECA FOODS A has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and SENECA FOODS-A go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and SENECA FOODS-A
If you would invest 4,680 in SENECA FOODS A on September 1, 2024 and sell it today you would earn a total of 1,770 from holding SENECA FOODS A or generate 37.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.48% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. SENECA FOODS A
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| SENECA FOODS A |
IMAGIN MEDICAL and SENECA FOODS-A Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and SENECA FOODS-A
The main advantage of trading using opposite IMAGIN MEDICAL and SENECA FOODS-A positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, SENECA FOODS-A 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 SENECA FOODS-A will offset losses from the drop in SENECA FOODS-A's long position.| IMAGIN MEDICAL vs. Marie Brizard Wine | IMAGIN MEDICAL vs. Siamgas And Petrochemicals | IMAGIN MEDICAL vs. ITALIAN WINE BRANDS | IMAGIN MEDICAL vs. AIR PRODCHEMICALS |
| SENECA FOODS-A vs. SIVERS SEMICONDUCTORS AB | SENECA FOODS-A vs. Darden Restaurants | SENECA FOODS-A vs. Reliance Steel Aluminum | SENECA FOODS-A vs. Q2M Managementberatung AG |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |