Correlation Between Moving IMage and ABIO Old
Can any of the company-specific risk be diversified away by investing in both Moving IMage and ABIO Old 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 Moving IMage and ABIO Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Moving iMage Technologies and ABIO Old, you can compare the effects of market volatilities on Moving IMage and ABIO Old 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 Moving IMage with a short position of ABIO Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Moving IMage and ABIO Old.
Diversification Opportunities for Moving IMage and ABIO Old
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Moving and ABIO is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Moving iMage Technologies and ABIO Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ABIO Old and Moving IMage 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 Moving iMage Technologies are associated (or correlated) with ABIO Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ABIO Old has no effect on the direction of Moving IMage i.e., Moving IMage and ABIO Old go up and down completely randomly.
Pair Corralation between Moving IMage and ABIO Old
If you would invest 66.00 in Moving iMage Technologies on October 20, 2024 and sell it today you would earn a total of 27.00 from holding Moving iMage Technologies or generate 40.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Moving iMage Technologies vs. ABIO Old
Performance |
| Timeline |
| Moving iMage Technologies |
| ABIO Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Moving IMage and ABIO Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Moving IMage and ABIO Old
The main advantage of trading using opposite Moving IMage and ABIO Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Moving IMage position performs unexpectedly, ABIO Old 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 ABIO Old will offset losses from the drop in ABIO Old's long position.| Moving IMage vs. Franklin Wireless Corp | Moving IMage vs. Wialan Technologies | Moving IMage vs. TPT Global Tech | Moving IMage vs. Comtech Telecommunications Corp |
| ABIO Old vs. Aerovate Therapeutics | ABIO Old vs. Adagene | ABIO Old vs. Acrivon Therapeutics, Common | ABIO Old vs. Rezolute |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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