Correlation Between InMode and STCITY
Specify exactly 2 symbols:
By analyzing existing cross correlation between InMode and STCITY 65 15 JAN 28, you can compare the effects of market volatilities on InMode and STCITY 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 STCITY. Check out your portfolio center. Please also check ongoing floating volatility patterns of InMode and STCITY.
Diversification Opportunities for InMode and STCITY
Good diversification
The 3 months correlation between InMode and STCITY is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding InMode and STCITY 65 15 JAN 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STCITY 65 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 STCITY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STCITY 65 15 has no effect on the direction of InMode i.e., InMode and STCITY go up and down completely randomly.
Pair Corralation between InMode and STCITY
Given the investment horizon of 90 days InMode is expected to generate 0.76 times more return on investment than STCITY. However, InMode is 1.32 times less risky than STCITY. It trades about -0.08 of its potential returns per unit of risk. STCITY 65 15 JAN 28 is currently generating about -0.37 per unit of risk. If you would invest 1,950 in InMode on September 12, 2024 and sell it today you would lose (94.00) from holding InMode or give up 4.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 50.0% |
| Values | Daily Returns |
InMode vs. STCITY 65 15 JAN 28
Performance |
| Timeline |
| InMode |
| STCITY 65 15 |
InMode and STCITY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InMode and STCITY
The main advantage of trading using opposite InMode and STCITY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InMode position performs unexpectedly, STCITY 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 STCITY will offset losses from the drop in STCITY'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 Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |