Correlation Between InMode and Alexandria
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By analyzing existing cross correlation between InMode and Alexandria Real Estate, you can compare the effects of market volatilities on InMode and Alexandria 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 Alexandria. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and Alexandria.
Diversification Opportunities for InMode and Alexandria
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between InMode and Alexandria is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding InMode and Alexandria Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alexandria Real Estate 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 Alexandria. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alexandria Real Estate has no effect on the direction of InMode i.e., InMode and Alexandria go up and down completely randomly.
Pair Corralation between InMode and Alexandria
Given the investment horizon of 90 days InMode is expected to generate 1.12 times more return on investment than Alexandria. However, InMode is 1.12 times more volatile than Alexandria Real Estate. It trades about -0.06 of its potential returns per unit of risk. Alexandria Real Estate is currently generating about -0.17 per unit of risk. If you would invest 1,926 in InMode on September 13, 2024 and sell it today you would lose (76.00) from holding InMode or give up 3.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
InMode vs. Alexandria Real Estate
Performance |
| Timeline |
| InMode |
| Alexandria Real Estate |
InMode and Alexandria Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and Alexandria
The main advantage of trading using opposite InMode and Alexandria positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, Alexandria 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 Alexandria will offset losses from the drop in Alexandria's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| Alexandria vs. Ryanair Holdings PLC | Alexandria vs. Kaltura | Alexandria vs. Sapiens International | Alexandria vs. Air Transport Services |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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