Correlation Between InMode and 031162DU1
Specify exactly 2 symbols:
By analyzing existing cross correlation between InMode and AMGN 575 02 MAR 63, you can compare the effects of market volatilities on InMode and 031162DU1 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 031162DU1. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 031162DU1.
Diversification Opportunities for InMode and 031162DU1
Very good diversification
The 3 months correlation between InMode and 031162DU1 is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding InMode and AMGN 575 02 MAR 63 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMGN 575 02 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 031162DU1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMGN 575 02 has no effect on the direction of InMode i.e., InMode and 031162DU1 go up and down completely randomly.
Pair Corralation between InMode and 031162DU1
Given the investment horizon of 90 days InMode is expected to generate 1.37 times more return on investment than 031162DU1. However, InMode is 1.37 times more volatile than AMGN 575 02 MAR 63. It trades about -0.05 of its potential returns per unit of risk. AMGN 575 02 MAR 63 is currently generating about -0.21 per unit of risk. If you would invest 1,926 in InMode on September 13, 2024 and sell it today you would lose (64.00) from holding InMode or give up 3.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
InMode vs. AMGN 575 02 MAR 63
Performance |
| Timeline |
| InMode |
| AMGN 575 02 |
InMode and 031162DU1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 031162DU1
The main advantage of trading using opposite InMode and 031162DU1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 031162DU1 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 031162DU1 will offset losses from the drop in 031162DU1's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 031162DU1 vs. Pool Corporation | 031162DU1 vs. Simon Property Group | 031162DU1 vs. Morgan Stanley | 031162DU1 vs. Titan Machinery |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |