Correlation Between InMode and 842400HQ9
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By analyzing existing cross correlation between InMode and EIX 47 01 JUN 27, you can compare the effects of market volatilities on InMode and 842400HQ9 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 842400HQ9. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and 842400HQ9.
Diversification Opportunities for InMode and 842400HQ9
Pay attention - limited upside
The 3 months correlation between InMode and 842400HQ9 is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding InMode and EIX 47 01 JUN 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EIX 47 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 842400HQ9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EIX 47 01 has no effect on the direction of InMode i.e., InMode and 842400HQ9 go up and down completely randomly.
Pair Corralation between InMode and 842400HQ9
Given the investment horizon of 90 days InMode is expected to under-perform the 842400HQ9. In addition to that, InMode is 7.46 times more volatile than EIX 47 01 JUN 27. It trades about -0.03 of its total potential returns per unit of risk. EIX 47 01 JUN 27 is currently generating about 0.01 per unit of volatility. If you would invest 9,925 in EIX 47 01 JUN 27 on September 12, 2024 and sell it today you would earn a total of 111.00 from holding EIX 47 01 JUN 27 or generate 1.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 93.94% |
| Values | Daily Returns |
InMode vs. EIX 47 01 JUN 27
Performance |
| Timeline |
| InMode |
| EIX 47 01 |
InMode and 842400HQ9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and 842400HQ9
The main advantage of trading using opposite InMode and 842400HQ9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, 842400HQ9 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 842400HQ9 will offset losses from the drop in 842400HQ9's long position.| InMode vs. TransMedics Group | InMode vs. Inspire Medical Systems | InMode vs. Inari Medical | InMode vs. Insulet |
| 842400HQ9 vs. AEP TEX INC | 842400HQ9 vs. US BANK NATIONAL | 842400HQ9 vs. Alphabet Inc Class C | 842400HQ9 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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