Correlation Between InMode and 59156RCC0
Specify exactly 2 symbols:
By analyzing existing cross correlation between InMode and MET 5 15 JUL 52, you can compare the effects of market volatilities on InMode and 59156RCC0 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 59156RCC0. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 59156RCC0.
Diversification Opportunities for InMode and 59156RCC0
Pay attention - limited upside
The 3 months correlation between InMode and 59156RCC0 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding InMode and MET 5 15 JUL 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 59156RCC0 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 59156RCC0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 59156RCC0 has no effect on the direction of InMode i.e., InMode and 59156RCC0 go up and down completely randomly.
Pair Corralation between InMode and 59156RCC0
Given the investment horizon of 90 days InMode is expected to under-perform the 59156RCC0. But the stock apears to be less risky and, when comparing its historical volatility, InMode is 1.62 times less risky than 59156RCC0. The stock trades about -0.01 of its potential returns per unit of risk. The MET 5 15 JUL 52 is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 8,934 in MET 5 15 JUL 52 on October 22, 2024 and sell it today you would earn a total of 1,787 from holding MET 5 15 JUL 52 or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
InMode vs. MET 5 15 JUL 52
Performance |
| Timeline |
| InMode |
| 59156RCC0 |
InMode and 59156RCC0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 59156RCC0
The main advantage of trading using opposite InMode and 59156RCC0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 59156RCC0 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 59156RCC0 will offset losses from the drop in 59156RCC0's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 59156RCC0 vs. AEP TEX INC | 59156RCC0 vs. US BANK NATIONAL | 59156RCC0 vs. Cheniere Energy | 59156RCC0 vs. Targa Resources |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |