Correlation Between InMode and 189054AZ2
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By analyzing existing cross correlation between InMode and CLX 46 01 MAY 32, you can compare the effects of market volatilities on InMode and 189054AZ2 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 189054AZ2. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 189054AZ2.
Diversification Opportunities for InMode and 189054AZ2
Very good diversification
The 3 months correlation between InMode and 189054AZ2 is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding InMode and CLX 46 01 MAY 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CLX 46 01 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 189054AZ2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CLX 46 01 has no effect on the direction of InMode i.e., InMode and 189054AZ2 go up and down completely randomly.
Pair Corralation between InMode and 189054AZ2
Given the investment horizon of 90 days InMode is expected to generate 1.38 times more return on investment than 189054AZ2. However, InMode is 1.38 times more volatile than CLX 46 01 MAY 32. It trades about -0.08 of its potential returns per unit of risk. CLX 46 01 MAY 32 is currently generating about -0.19 per unit of risk. If you would invest 1,950 in InMode on September 12, 2024 and sell it today you would lose (94.00) from holding InMode or give up 4.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
InMode vs. CLX 46 01 MAY 32
Performance |
| Timeline |
| InMode |
| CLX 46 01 |
InMode and 189054AZ2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 189054AZ2
The main advantage of trading using opposite InMode and 189054AZ2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 189054AZ2 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 189054AZ2 will offset losses from the drop in 189054AZ2's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 189054AZ2 vs. AEP TEX INC | 189054AZ2 vs. US BANK NATIONAL | 189054AZ2 vs. Alphabet Inc Class C | 189054AZ2 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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