Correlation Between Luckin Coffee and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Luckin Coffee and IMAGIN MEDICAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Luckin Coffee and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Luckin Coffee and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on Luckin Coffee and IMAGIN MEDICAL 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 Luckin Coffee with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luckin Coffee and IMAGIN MEDICAL.
Diversification Opportunities for Luckin Coffee and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Luckin and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Luckin Coffee and IMAGIN MEDICAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAGIN MEDICAL INC and Luckin Coffee 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 Luckin Coffee are associated (or correlated) with IMAGIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAGIN MEDICAL INC has no effect on the direction of Luckin Coffee i.e., Luckin Coffee and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between Luckin Coffee and IMAGIN MEDICAL
If you would invest 2,580 in Luckin Coffee on November 3, 2024 and sell it today you would earn a total of 80.00 from holding Luckin Coffee or generate 3.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Luckin Coffee vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| Luckin Coffee |
| IMAGIN MEDICAL INC |
Luckin Coffee and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luckin Coffee and IMAGIN MEDICAL
The main advantage of trading using opposite Luckin Coffee and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luckin Coffee position performs unexpectedly, IMAGIN MEDICAL 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 IMAGIN MEDICAL will offset losses from the drop in IMAGIN MEDICAL's long position.| Luckin Coffee vs. VIENNA INSURANCE GR | Luckin Coffee vs. Norwegian Air Shuttle | Luckin Coffee vs. Direct Line Insurance | Luckin Coffee vs. Delta Air Lines |
| IMAGIN MEDICAL vs. Salesforce | IMAGIN MEDICAL vs. CANON MARKETING JP | IMAGIN MEDICAL vs. Jacquet Metal Service | IMAGIN MEDICAL vs. Air Transport Services |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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