Correlation Between InMode and AMFAHI
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By analyzing existing cross correlation between InMode and AMFAHI 3833 11 MAR 51, you can compare the effects of market volatilities on InMode and AMFAHI 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 AMFAHI. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and AMFAHI.
Diversification Opportunities for InMode and AMFAHI
Very weak diversification
The 3 months correlation between InMode and AMFAHI is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding InMode and AMFAHI 3833 11 MAR 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMFAHI 3833 11 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 AMFAHI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMFAHI 3833 11 has no effect on the direction of InMode i.e., InMode and AMFAHI go up and down completely randomly.
Pair Corralation between InMode and AMFAHI
Given the investment horizon of 90 days InMode is expected to generate 1.7 times more return on investment than AMFAHI. However, InMode is 1.7 times more volatile than AMFAHI 3833 11 MAR 51. It trades about 0.11 of its potential returns per unit of risk. AMFAHI 3833 11 MAR 51 is currently generating about -0.01 per unit of risk. If you would invest 1,665 in InMode on September 13, 2024 and sell it today you would earn a total of 181.00 from holding InMode or generate 10.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 34.88% |
| Values | Daily Returns |
InMode vs. AMFAHI 3833 11 MAR 51
Performance |
| Timeline |
| InMode |
| AMFAHI 3833 11 |
InMode and AMFAHI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and AMFAHI
The main advantage of trading using opposite InMode and AMFAHI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, AMFAHI 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 AMFAHI will offset losses from the drop in AMFAHI's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| AMFAHI vs. Allegheny Technologies Incorporated | AMFAHI vs. Integral Ad Science | AMFAHI vs. Ironveld Plc | AMFAHI vs. Tianjin Capital Environmental |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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