Correlation Between InMode and 743315AY9
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By analyzing existing cross correlation between InMode and PGR 25 15 MAR 27, you can compare the effects of market volatilities on InMode and 743315AY9 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 743315AY9. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 743315AY9.
Diversification Opportunities for InMode and 743315AY9
Very good diversification
The 3 months correlation between InMode and 743315AY9 is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding InMode and PGR 25 15 MAR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PGR 25 15 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 743315AY9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PGR 25 15 has no effect on the direction of InMode i.e., InMode and 743315AY9 go up and down completely randomly.
Pair Corralation between InMode and 743315AY9
Given the investment horizon of 90 days InMode is expected to under-perform the 743315AY9. In addition to that, InMode is 5.73 times more volatile than PGR 25 15 MAR 27. It trades about -0.03 of its total potential returns per unit of risk. PGR 25 15 MAR 27 is currently generating about -0.01 per unit of volatility. If you would invest 9,238 in PGR 25 15 MAR 27 on September 12, 2024 and sell it today you would lose (184.00) from holding PGR 25 15 MAR 27 or give up 1.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 88.89% |
| Values | Daily Returns |
InMode vs. PGR 25 15 MAR 27
Performance |
| Timeline |
| InMode |
| PGR 25 15 |
InMode and 743315AY9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 743315AY9
The main advantage of trading using opposite InMode and 743315AY9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 743315AY9 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 743315AY9 will offset losses from the drop in 743315AY9's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 743315AY9 vs. AEP TEX INC | 743315AY9 vs. US BANK NATIONAL | 743315AY9 vs. Alphabet Inc Class C | 743315AY9 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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