Correlation Between Caliber Imaging and RB Global
Can any of the company-specific risk be diversified away by investing in both Caliber Imaging and RB Global 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 Caliber Imaging and RB Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Caliber Imaging Diagnostics and RB Global, you can compare the effects of market volatilities on Caliber Imaging and RB Global 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 Caliber Imaging with a short position of RB Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Caliber Imaging and RB Global.
Diversification Opportunities for Caliber Imaging and RB Global
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Caliber and RBA is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Caliber Imaging Diagnostics and RB Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RB Global and Caliber Imaging 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 Caliber Imaging Diagnostics are associated (or correlated) with RB Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RB Global has no effect on the direction of Caliber Imaging i.e., Caliber Imaging and RB Global go up and down completely randomly.
Pair Corralation between Caliber Imaging and RB Global
Given the investment horizon of 90 days Caliber Imaging Diagnostics is expected to generate 2.3 times more return on investment than RB Global. However, Caliber Imaging is 2.3 times more volatile than RB Global. It trades about 0.16 of its potential returns per unit of risk. RB Global is currently generating about 0.17 per unit of risk. If you would invest 0.05 in Caliber Imaging Diagnostics on October 7, 2025 and sell it today you would earn a total of 0.01 from holding Caliber Imaging Diagnostics or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Caliber Imaging Diagnostics vs. RB Global
Performance |
| Timeline |
| Caliber Imaging Diag |
| RB Global |
Caliber Imaging and RB Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Caliber Imaging and RB Global
The main advantage of trading using opposite Caliber Imaging and RB Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Caliber Imaging position performs unexpectedly, RB Global 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 RB Global will offset losses from the drop in RB Global's long position.| Caliber Imaging vs. NewCardio | Caliber Imaging vs. Nemaura Medical | Caliber Imaging vs. Net Medical Xpress | Caliber Imaging vs. Longport |
| RB Global vs. Global Payments | RB Global vs. UL Solutions | RB Global vs. Fortress Transp Infra | RB Global vs. Rentokil Initial PLC |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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