Correlation Between InMode and 54866NBP3
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By analyzing existing cross correlation between InMode and US54866NBP33, you can compare the effects of market volatilities on InMode and 54866NBP3 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 54866NBP3. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 54866NBP3.
Diversification Opportunities for InMode and 54866NBP3
Modest diversification
The 3 months correlation between InMode and 54866NBP3 is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding InMode and US54866NBP33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US54866NBP33 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 54866NBP3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US54866NBP33 has no effect on the direction of InMode i.e., InMode and 54866NBP3 go up and down completely randomly.
Pair Corralation between InMode and 54866NBP3
Given the investment horizon of 90 days InMode is expected to generate 4.16 times more return on investment than 54866NBP3. However, InMode is 4.16 times more volatile than US54866NBP33. It trades about -0.06 of its potential returns per unit of risk. US54866NBP33 is currently generating about -0.34 per unit of risk. If you would invest 1,926 in InMode on September 13, 2024 and sell it today you would lose (76.00) from holding InMode or give up 3.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 22.73% |
| Values | Daily Returns |
InMode vs. US54866NBP33
Performance |
| Timeline |
| InMode |
| US54866NBP33 |
InMode and 54866NBP3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 54866NBP3
The main advantage of trading using opposite InMode and 54866NBP3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 54866NBP3 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 54866NBP3 will offset losses from the drop in 54866NBP3's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 54866NBP3 vs. The Joint Corp | 54866NBP3 vs. FactSet Research Systems | 54866NBP3 vs. Aquestive Therapeutics | 54866NBP3 vs. China Clean Energy |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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