Correlation Between InMode and STANLN
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By analyzing existing cross correlation between InMode and STANLN 7767 16 NOV 28, you can compare the effects of market volatilities on InMode and STANLN 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 STANLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and STANLN.
Diversification Opportunities for InMode and STANLN
Weak diversification
The 3 months correlation between InMode and STANLN is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding InMode and STANLN 7767 16 NOV 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STANLN 7767 16 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 STANLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STANLN 7767 16 has no effect on the direction of InMode i.e., InMode and STANLN go up and down completely randomly.
Pair Corralation between InMode and STANLN
Given the investment horizon of 90 days InMode is expected to generate 2.72 times more return on investment than STANLN. However, InMode is 2.72 times more volatile than STANLN 7767 16 NOV 28. It trades about -0.06 of its potential returns per unit of risk. STANLN 7767 16 NOV 28 is currently generating about -0.31 per unit of risk. If you would invest 1,932 in InMode on September 14, 2024 and sell it today you would lose (78.00) from holding InMode or give up 4.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 45.45% |
| Values | Daily Returns |
InMode vs. STANLN 7767 16 NOV 28
Performance |
| Timeline |
| InMode |
| STANLN 7767 16 |
InMode and STANLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and STANLN
The main advantage of trading using opposite InMode and STANLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, STANLN 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 STANLN will offset losses from the drop in STANLN'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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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