Correlation Between InMode and 02379DAA8
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By analyzing existing cross correlation between InMode and AAL 385 15 FEB 28, you can compare the effects of market volatilities on InMode and 02379DAA8 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 02379DAA8. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 02379DAA8.
Diversification Opportunities for InMode and 02379DAA8
Very weak diversification
The 3 months correlation between InMode and 02379DAA8 is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding InMode and AAL 385 15 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AAL 385 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 02379DAA8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AAL 385 15 has no effect on the direction of InMode i.e., InMode and 02379DAA8 go up and down completely randomly.
Pair Corralation between InMode and 02379DAA8
Given the investment horizon of 90 days InMode is expected to under-perform the 02379DAA8. In addition to that, InMode is 1.01 times more volatile than AAL 385 15 FEB 28. It trades about -0.07 of its total potential returns per unit of risk. AAL 385 15 FEB 28 is currently generating about 0.07 per unit of volatility. If you would invest 8,686 in AAL 385 15 FEB 28 on September 12, 2024 and sell it today you would earn a total of 705.00 from holding AAL 385 15 FEB 28 or generate 8.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 13.35% |
| Values | Daily Returns |
InMode vs. AAL 385 15 FEB 28
Performance |
| Timeline |
| InMode |
| AAL 385 15 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Strong
InMode and 02379DAA8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 02379DAA8
The main advantage of trading using opposite InMode and 02379DAA8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 02379DAA8 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 02379DAA8 will offset losses from the drop in 02379DAA8's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 02379DAA8 vs. AEP TEX INC | 02379DAA8 vs. US BANK NATIONAL | 02379DAA8 vs. Alphabet Inc Class C | 02379DAA8 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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