Correlation Between InMode and 37940XAH5
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By analyzing existing cross correlation between InMode and GPN 29 15 NOV 31, you can compare the effects of market volatilities on InMode and 37940XAH5 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 37940XAH5. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 37940XAH5.
Diversification Opportunities for InMode and 37940XAH5
Very good diversification
The 3 months correlation between InMode and 37940XAH5 is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding InMode and GPN 29 15 NOV 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GPN 29 15 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 37940XAH5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GPN 29 15 has no effect on the direction of InMode i.e., InMode and 37940XAH5 go up and down completely randomly.
Pair Corralation between InMode and 37940XAH5
Given the investment horizon of 90 days InMode is expected to under-perform the 37940XAH5. In addition to that, InMode is 1.27 times more volatile than GPN 29 15 NOV 31. It trades about -0.05 of its total potential returns per unit of risk. GPN 29 15 NOV 31 is currently generating about -0.06 per unit of volatility. If you would invest 8,635 in GPN 29 15 NOV 31 on September 13, 2024 and sell it today you would lose (239.00) from holding GPN 29 15 NOV 31 or give up 2.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
InMode vs. GPN 29 15 NOV 31
Performance |
| Timeline |
| InMode |
| GPN 29 15 |
InMode and 37940XAH5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 37940XAH5
The main advantage of trading using opposite InMode and 37940XAH5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 37940XAH5 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 37940XAH5 will offset losses from the drop in 37940XAH5's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 37940XAH5 vs. Vishay Intertechnology | 37940XAH5 vs. Axalta Coating Systems | 37940XAH5 vs. Hudson Technologies | 37940XAH5 vs. Ecolab Inc |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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