Correlation Between InMode and PetVivo Holdings
Can any of the company-specific risk be diversified away by investing in both InMode and PetVivo Holdings 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 InMode and PetVivo Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between InMode and PetVivo Holdings, you can compare the effects of market volatilities on InMode and PetVivo Holdings 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 InMode with a short position of PetVivo Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and PetVivo Holdings.
Diversification Opportunities for InMode and PetVivo Holdings
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between InMode and PetVivo is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding InMode and PetVivo Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetVivo Holdings and InMode 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 InMode are associated (or correlated) with PetVivo Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PetVivo Holdings has no effect on the direction of InMode i.e., InMode and PetVivo Holdings go up and down completely randomly.
Pair Corralation between InMode and PetVivo Holdings
If you would invest 1,695 in InMode on August 31, 2024 and sell it today you would earn a total of 254.00 from holding InMode or generate 14.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 2.27% |
| Values | Daily Returns |
InMode vs. PetVivo Holdings
Performance |
| Timeline |
| InMode |
| PetVivo Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
InMode and PetVivo Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and PetVivo Holdings
The main advantage of trading using opposite InMode and PetVivo Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, PetVivo Holdings 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 PetVivo Holdings will offset losses from the drop in PetVivo Holdings' long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| PetVivo Holdings vs. Ainos Inc | PetVivo Holdings vs. SurModics | PetVivo Holdings vs. LENSAR Inc | PetVivo Holdings vs. IRIDEX |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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