Correlation Between InMode and 00912XBK9
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By analyzing existing cross correlation between InMode and AL 4125, you can compare the effects of market volatilities on InMode and 00912XBK9 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 00912XBK9. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 00912XBK9.
Diversification Opportunities for InMode and 00912XBK9
Very good diversification
The 3 months correlation between InMode and 00912XBK9 is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding InMode and AL 4125 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 00912XBK9 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 00912XBK9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 00912XBK9 has no effect on the direction of InMode i.e., InMode and 00912XBK9 go up and down completely randomly.
Pair Corralation between InMode and 00912XBK9
Given the investment horizon of 90 days InMode is expected to under-perform the 00912XBK9. But the stock apears to be less risky and, when comparing its historical volatility, InMode is 1.58 times less risky than 00912XBK9. The stock trades about -0.03 of its potential returns per unit of risk. The AL 4125 is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 7,082 in AL 4125 on September 12, 2024 and sell it today you would earn a total of 818.00 from holding AL 4125 or generate 11.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 87.47% |
| Values | Daily Returns |
InMode vs. AL 4125
Performance |
| Timeline |
| InMode |
| 00912XBK9 |
InMode and 00912XBK9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 00912XBK9
The main advantage of trading using opposite InMode and 00912XBK9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 00912XBK9 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 00912XBK9 will offset losses from the drop in 00912XBK9's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 00912XBK9 vs. AEP TEX INC | 00912XBK9 vs. US BANK NATIONAL | 00912XBK9 vs. Alphabet Inc Class C | 00912XBK9 vs. InMode |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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