Correlation Between InMode and 606822CE2
Specify exactly 2 symbols:
By analyzing existing cross correlation between InMode and MUFG 408 19 APR 28, you can compare the effects of market volatilities on InMode and 606822CE2 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 606822CE2. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 606822CE2.
Diversification Opportunities for InMode and 606822CE2
Very good diversification
The 3 months correlation between InMode and 606822CE2 is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding InMode and MUFG 408 19 APR 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MUFG 408 19 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 606822CE2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUFG 408 19 has no effect on the direction of InMode i.e., InMode and 606822CE2 go up and down completely randomly.
Pair Corralation between InMode and 606822CE2
Given the investment horizon of 90 days InMode is expected to under-perform the 606822CE2. In addition to that, InMode is 6.89 times more volatile than MUFG 408 19 APR 28. It trades about -0.07 of its total potential returns per unit of risk. MUFG 408 19 APR 28 is currently generating about -0.16 per unit of volatility. If you would invest 9,824 in MUFG 408 19 APR 28 on September 13, 2024 and sell it today you would lose (98.00) from holding MUFG 408 19 APR 28 or give up 1.0% 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. MUFG 408 19 APR 28
Performance |
| Timeline |
| InMode |
| MUFG 408 19 |
InMode and 606822CE2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 606822CE2
The main advantage of trading using opposite InMode and 606822CE2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 606822CE2 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 606822CE2 will offset losses from the drop in 606822CE2's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 606822CE2 vs. GAMCO Global Gold | 606822CE2 vs. NuRAN Wireless | 606822CE2 vs. Microbot Medical | 606822CE2 vs. Weyco Group |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |