Correlation Between Eastman Chemical and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Eastman Chemical and IMAGIN MEDICAL 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 Eastman Chemical and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eastman Chemical and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on Eastman Chemical and IMAGIN MEDICAL 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 Eastman Chemical with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastman Chemical and IMAGIN MEDICAL.
Diversification Opportunities for Eastman Chemical and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Eastman and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Eastman Chemical and IMAGIN MEDICAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAGIN MEDICAL INC and Eastman Chemical 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 Eastman Chemical are associated (or correlated) with IMAGIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAGIN MEDICAL INC has no effect on the direction of Eastman Chemical i.e., Eastman Chemical and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between Eastman Chemical and IMAGIN MEDICAL
If you would invest 0.05 in IMAGIN MEDICAL INC on October 14, 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 | 94.12% |
| Values | Daily Returns |
Eastman Chemical vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| Eastman Chemical |
| IMAGIN MEDICAL INC |
Eastman Chemical and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastman Chemical and IMAGIN MEDICAL
The main advantage of trading using opposite Eastman Chemical and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastman Chemical position performs unexpectedly, IMAGIN MEDICAL 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 IMAGIN MEDICAL will offset losses from the drop in IMAGIN MEDICAL's long position.| Eastman Chemical vs. MACOM Technology Solutions | Eastman Chemical vs. AECOM TECHNOLOGY | Eastman Chemical vs. SMA Solar Technology | Eastman Chemical vs. UPDATE SOFTWARE |
| IMAGIN MEDICAL vs. X FAB Silicon Foundries | IMAGIN MEDICAL vs. CHEMICAL INDUSTRIES | IMAGIN MEDICAL vs. X FAB Silicon Foundries | IMAGIN MEDICAL vs. TIANDE CHEMICAL |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| 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 | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |