Correlation Between InMode and 02376WAA9
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By analyzing existing cross correlation between InMode and AAL 41 15 JAN 28, you can compare the effects of market volatilities on InMode and 02376WAA9 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 02376WAA9. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 02376WAA9.
Diversification Opportunities for InMode and 02376WAA9
Good diversification
The 3 months correlation between InMode and 02376WAA9 is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding InMode and AAL 41 15 JAN 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AAL 41 15 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 02376WAA9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AAL 41 15 has no effect on the direction of InMode i.e., InMode and 02376WAA9 go up and down completely randomly.
Pair Corralation between InMode and 02376WAA9
Given the investment horizon of 90 days InMode is expected to under-perform the 02376WAA9. In addition to that, InMode is 1.84 times more volatile than AAL 41 15 JAN 28. It trades about -0.02 of its total potential returns per unit of risk. AAL 41 15 JAN 28 is currently generating about 0.03 per unit of volatility. If you would invest 9,352 in AAL 41 15 JAN 28 on December 2, 2024 and sell it today you would earn a total of 382.00 from holding AAL 41 15 JAN 28 or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 42.51% |
| Values | Daily Returns |
InMode vs. AAL 41 15 JAN 28
Performance |
| Timeline |
| InMode |
| AAL 41 15 |
InMode and 02376WAA9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 02376WAA9
The main advantage of trading using opposite InMode and 02376WAA9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 02376WAA9 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 02376WAA9 will offset losses from the drop in 02376WAA9's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Insulet | InMode vs. DexCom Inc |
| 02376WAA9 vs. Vita Coco | 02376WAA9 vs. nLIGHT Inc | 02376WAA9 vs. Boston Beer | 02376WAA9 vs. Renesas Electronics |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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