Correlation Between InMode and 256746AJ7
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By analyzing existing cross correlation between InMode and DLTR 265 01 DEC 31, you can compare the effects of market volatilities on InMode and 256746AJ7 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 256746AJ7. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 256746AJ7.
Diversification Opportunities for InMode and 256746AJ7
Very good diversification
The 3 months correlation between InMode and 256746AJ7 is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding InMode and DLTR 265 01 DEC 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DLTR 265 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 256746AJ7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DLTR 265 01 has no effect on the direction of InMode i.e., InMode and 256746AJ7 go up and down completely randomly.
Pair Corralation between InMode and 256746AJ7
Given the investment horizon of 90 days InMode is expected to generate 4.9 times more return on investment than 256746AJ7. However, InMode is 4.9 times more volatile than DLTR 265 01 DEC 31. It trades about 0.06 of its potential returns per unit of risk. DLTR 265 01 DEC 31 is currently generating about -0.08 per unit of risk. If you would invest 1,704 in InMode on September 13, 2024 and sell it today you would earn a total of 158.00 from holding InMode or generate 9.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.83% |
| Values | Daily Returns |
InMode vs. DLTR 265 01 DEC 31
Performance |
| Timeline |
| InMode |
| DLTR 265 01 |
InMode and 256746AJ7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 256746AJ7
The main advantage of trading using opposite InMode and 256746AJ7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 256746AJ7 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 256746AJ7 will offset losses from the drop in 256746AJ7's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
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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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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