Correlation Between InMode and 459200KW0
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By analyzing existing cross correlation between InMode and IBM 45 06 FEB 26, you can compare the effects of market volatilities on InMode and 459200KW0 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 459200KW0. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 459200KW0.
Diversification Opportunities for InMode and 459200KW0
Very good diversification
The 3 months correlation between InMode and 459200KW0 is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding InMode and IBM 45 06 FEB 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IBM 45 06 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 459200KW0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IBM 45 06 has no effect on the direction of InMode i.e., InMode and 459200KW0 go up and down completely randomly.
Pair Corralation between InMode and 459200KW0
Given the investment horizon of 90 days InMode is expected to under-perform the 459200KW0. In addition to that, InMode is 6.6 times more volatile than IBM 45 06 FEB 26. It trades about -0.08 of its total potential returns per unit of risk. IBM 45 06 FEB 26 is currently generating about -0.28 per unit of volatility. If you would invest 10,049 in IBM 45 06 FEB 26 on September 12, 2024 and sell it today you would lose (180.00) from holding IBM 45 06 FEB 26 or give up 1.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
InMode vs. IBM 45 06 FEB 26
Performance |
| Timeline |
| InMode |
| IBM 45 06 |
InMode and 459200KW0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 459200KW0
The main advantage of trading using opposite InMode and 459200KW0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 459200KW0 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 459200KW0 will offset losses from the drop in 459200KW0's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 459200KW0 vs. AEP TEX INC | 459200KW0 vs. US BANK NATIONAL | 459200KW0 vs. Alphabet Inc Class C | 459200KW0 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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