Correlation Between InMode and BATSLN
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By analyzing existing cross correlation between InMode and BATSLN 475 01 NOV 42, you can compare the effects of market volatilities on InMode and BATSLN 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 BATSLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and BATSLN.
Diversification Opportunities for InMode and BATSLN
Good diversification
The 3 months correlation between InMode and BATSLN is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding InMode and BATSLN 475 01 NOV 42 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BATSLN 475 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 BATSLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BATSLN 475 01 has no effect on the direction of InMode i.e., InMode and BATSLN go up and down completely randomly.
Pair Corralation between InMode and BATSLN
Given the investment horizon of 90 days InMode is expected to under-perform the BATSLN. But the stock apears to be less risky and, when comparing its historical volatility, InMode is 1.03 times less risky than BATSLN. The stock trades about -0.01 of its potential returns per unit of risk. The BATSLN 475 01 NOV 42 is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 7,557 in BATSLN 475 01 NOV 42 on September 15, 2024 and sell it today you would earn a total of 311.00 from holding BATSLN 475 01 NOV 42 or generate 4.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 50.19% |
| Values | Daily Returns |
InMode vs. BATSLN 475 01 NOV 42
Performance |
| Timeline |
| InMode |
| BATSLN 475 01 |
InMode and BATSLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and BATSLN
The main advantage of trading using opposite InMode and BATSLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, BATSLN 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 BATSLN will offset losses from the drop in BATSLN's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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