Correlation Between InMode and 291011BS2
Specify exactly 2 symbols:
By analyzing existing cross correlation between InMode and EMR 28 21 DEC 51, you can compare the effects of market volatilities on InMode and 291011BS2 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 291011BS2. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 291011BS2.
Diversification Opportunities for InMode and 291011BS2
Excellent diversification
The 3 months correlation between InMode and 291011BS2 is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding InMode and EMR 28 21 DEC 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EMR 28 21 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 291011BS2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EMR 28 21 has no effect on the direction of InMode i.e., InMode and 291011BS2 go up and down completely randomly.
Pair Corralation between InMode and 291011BS2
Given the investment horizon of 90 days InMode is expected to under-perform the 291011BS2. But the stock apears to be less risky and, when comparing its historical volatility, InMode is 1.47 times less risky than 291011BS2. The stock trades about -0.07 of its potential returns per unit of risk. The EMR 28 21 DEC 51 is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 6,383 in EMR 28 21 DEC 51 on September 13, 2024 and sell it today you would lose (15.00) from holding EMR 28 21 DEC 51 or give up 0.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
InMode vs. EMR 28 21 DEC 51
Performance |
| Timeline |
| InMode |
| EMR 28 21 |
InMode and 291011BS2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 291011BS2
The main advantage of trading using opposite InMode and 291011BS2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 291011BS2 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 291011BS2 will offset losses from the drop in 291011BS2's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 291011BS2 vs. Sphere Entertainment Co | 291011BS2 vs. Weibo Corp | 291011BS2 vs. Cebu Air ADR | 291011BS2 vs. Corporacion America Airports |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |