Correlation Between InMode and 49446RAZ2
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By analyzing existing cross correlation between InMode and KIM 32 01 APR 32, you can compare the effects of market volatilities on InMode and 49446RAZ2 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 49446RAZ2. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 49446RAZ2.
Diversification Opportunities for InMode and 49446RAZ2
Very good diversification
The 3 months correlation between InMode and 49446RAZ2 is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding InMode and KIM 32 01 APR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIM 32 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 49446RAZ2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIM 32 01 has no effect on the direction of InMode i.e., InMode and 49446RAZ2 go up and down completely randomly.
Pair Corralation between InMode and 49446RAZ2
Given the investment horizon of 90 days InMode is expected to generate 1.65 times more return on investment than 49446RAZ2. However, InMode is 1.65 times more volatile than KIM 32 01 APR 32. It trades about -0.05 of its potential returns per unit of risk. KIM 32 01 APR 32 is currently generating about -0.16 per unit of risk. If you would invest 1,926 in InMode on September 13, 2024 and sell it today you would lose (64.00) from holding InMode or give up 3.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
InMode vs. KIM 32 01 APR 32
Performance |
| Timeline |
| InMode |
| KIM 32 01 |
InMode and 49446RAZ2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 49446RAZ2
The main advantage of trading using opposite InMode and 49446RAZ2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 49446RAZ2 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 49446RAZ2 will offset losses from the drop in 49446RAZ2's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 49446RAZ2 vs. AEP TEX INC | 49446RAZ2 vs. US BANK NATIONAL | 49446RAZ2 vs. Alphabet Inc Class C | 49446RAZ2 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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