Correlation Between Elbit Medical and IBI Mutual
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By analyzing existing cross correlation between Elbit Medical Technologies and IBI Mutual Funds, you can compare the effects of market volatilities on Elbit Medical and IBI Mutual 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 Elbit Medical with a short position of IBI Mutual. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elbit Medical and IBI Mutual.
Diversification Opportunities for Elbit Medical and IBI Mutual
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Elbit and IBI is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Elbit Medical Technologies and IBI Mutual Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IBI Mutual Funds and Elbit 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 Elbit Medical Technologies are associated (or correlated) with IBI Mutual. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IBI Mutual Funds has no effect on the direction of Elbit Medical i.e., Elbit Medical and IBI Mutual go up and down completely randomly.
Pair Corralation between Elbit Medical and IBI Mutual
Assuming the 90 days trading horizon Elbit Medical Technologies is expected to under-perform the IBI Mutual. In addition to that, Elbit Medical is 1.54 times more volatile than IBI Mutual Funds. It trades about -0.58 of its total potential returns per unit of risk. IBI Mutual Funds is currently generating about 0.09 per unit of volatility. If you would invest 7,690 in IBI Mutual Funds on September 18, 2024 and sell it today you would earn a total of 250.00 from holding IBI Mutual Funds or generate 3.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elbit Medical Technologies vs. IBI Mutual Funds
Performance |
| Timeline |
| Elbit Medical Techno |
| IBI Mutual Funds |
Elbit Medical and IBI Mutual Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elbit Medical and IBI Mutual
The main advantage of trading using opposite Elbit Medical and IBI Mutual positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elbit Medical position performs unexpectedly, IBI Mutual 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 IBI Mutual will offset losses from the drop in IBI Mutual's long position.| Elbit Medical vs. Nice | Elbit Medical vs. The Gold Bond | Elbit Medical vs. Bank Leumi Le Israel | Elbit Medical vs. ICL Israel Chemicals |
| IBI Mutual vs. Nice | IBI Mutual vs. The Gold Bond | IBI Mutual vs. Bank Leumi Le Israel | IBI Mutual vs. ICL Israel Chemicals |
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.
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