Correlation Between InMode and 828807DU8
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By analyzing existing cross correlation between InMode and SPG 55 08 MAR 33, you can compare the effects of market volatilities on InMode and 828807DU8 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 828807DU8. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 828807DU8.
Diversification Opportunities for InMode and 828807DU8
Very good diversification
The 3 months correlation between InMode and 828807DU8 is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding InMode and SPG 55 08 MAR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPG 55 08 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 828807DU8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPG 55 08 has no effect on the direction of InMode i.e., InMode and 828807DU8 go up and down completely randomly.
Pair Corralation between InMode and 828807DU8
Given the investment horizon of 90 days InMode is expected to generate 1.52 times more return on investment than 828807DU8. However, InMode is 1.52 times more volatile than SPG 55 08 MAR 33. It trades about -0.07 of its potential returns per unit of risk. SPG 55 08 MAR 33 is currently generating about -0.19 per unit of risk. If you would invest 1,950 in InMode on September 12, 2024 and sell it today you would lose (88.00) from holding InMode or give up 4.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
InMode vs. SPG 55 08 MAR 33
Performance |
| Timeline |
| InMode |
| SPG 55 08 |
InMode and 828807DU8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 828807DU8
The main advantage of trading using opposite InMode and 828807DU8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 828807DU8 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 828807DU8 will offset losses from the drop in 828807DU8's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 828807DU8 vs. AEP TEX INC | 828807DU8 vs. US BANK NATIONAL | 828807DU8 vs. Alphabet Inc Class C | 828807DU8 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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