Correlation Between Minim and Moving IMage
Can any of the company-specific risk be diversified away by investing in both Minim and Moving IMage 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 Minim and Moving IMage into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Minim Inc and Moving iMage Technologies, you can compare the effects of market volatilities on Minim and Moving IMage 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 Minim with a short position of Moving IMage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Minim and Moving IMage.
Diversification Opportunities for Minim and Moving IMage
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Minim and Moving is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Minim Inc and Moving iMage Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moving iMage Technologies and Minim 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 Minim Inc are associated (or correlated) with Moving IMage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moving iMage Technologies has no effect on the direction of Minim i.e., Minim and Moving IMage go up and down completely randomly.
Pair Corralation between Minim and Moving IMage
If you would invest 261.00 in Minim Inc on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Minim Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Minim Inc vs. Moving iMage Technologies
Performance |
| Timeline |
| Minim Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Moving iMage Technologies |
Minim and Moving IMage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Minim and Moving IMage
The main advantage of trading using opposite Minim and Moving IMage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Minim position performs unexpectedly, Moving IMage 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 Moving IMage will offset losses from the drop in Moving IMage's long position.| Minim vs. Frequency Electronics | Minim vs. Amplitech Group | Minim vs. Optical Cable | Minim vs. Mobilicom Limited American |
| Moving IMage vs. Franklin Wireless Corp | Moving IMage vs. Wialan Technologies | Moving IMage vs. TPT Global Tech | Moving IMage vs. Comtech Telecommunications Corp |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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