Correlation Between InMode and 67021CAS6
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By analyzing existing cross correlation between InMode and ES 455 01 JUN 52, you can compare the effects of market volatilities on InMode and 67021CAS6 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 67021CAS6. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 67021CAS6.
Diversification Opportunities for InMode and 67021CAS6
Very weak diversification
The 3 months correlation between InMode and 67021CAS6 is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding InMode and ES 455 01 JUN 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ES 455 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 67021CAS6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ES 455 01 has no effect on the direction of InMode i.e., InMode and 67021CAS6 go up and down completely randomly.
Pair Corralation between InMode and 67021CAS6
Given the investment horizon of 90 days InMode is expected to under-perform the 67021CAS6. But the stock apears to be less risky and, when comparing its historical volatility, InMode is 1.62 times less risky than 67021CAS6. The stock trades about -0.04 of its potential returns per unit of risk. The ES 455 01 JUN 52 is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 8,481 in ES 455 01 JUN 52 on October 20, 2024 and sell it today you would earn a total of 609.00 from holding ES 455 01 JUN 52 or generate 7.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 45.0% |
| Values | Daily Returns |
InMode vs. ES 455 01 JUN 52
Performance |
| Timeline |
| InMode |
| ES 455 01 |
InMode and 67021CAS6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 67021CAS6
The main advantage of trading using opposite InMode and 67021CAS6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 67021CAS6 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 67021CAS6 will offset losses from the drop in 67021CAS6's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 67021CAS6 vs. AEP TEX INC | 67021CAS6 vs. US BANK NATIONAL | 67021CAS6 vs. Bank of Montreal | 67021CAS6 vs. Tonix Pharmaceuticals Holding |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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