Correlation Between InspireMD and Ingen Technologies
Can any of the company-specific risk be diversified away by investing in both InspireMD and Ingen Technologies 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 InspireMD and Ingen Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between InspireMD and Ingen Technologies, you can compare the effects of market volatilities on InspireMD and Ingen Technologies 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 InspireMD with a short position of Ingen Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of InspireMD and Ingen Technologies.
Diversification Opportunities for InspireMD and Ingen Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between InspireMD and Ingen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding InspireMD and Ingen Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ingen Technologies and InspireMD 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 InspireMD are associated (or correlated) with Ingen Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ingen Technologies has no effect on the direction of InspireMD i.e., InspireMD and Ingen Technologies go up and down completely randomly.
Pair Corralation between InspireMD and Ingen Technologies
If you would invest 238.00 in InspireMD on September 13, 2024 and sell it today you would earn a total of 74.50 from holding InspireMD or generate 31.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
InspireMD vs. Ingen Technologies
Performance |
| Timeline |
| InspireMD |
| Ingen Technologies |
InspireMD and Ingen Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with InspireMD and Ingen Technologies
The main advantage of trading using opposite InspireMD and Ingen Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if InspireMD position performs unexpectedly, Ingen Technologies 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 Ingen Technologies will offset losses from the drop in Ingen Technologies' long position.| InspireMD vs. Bone Biologics Corp | InspireMD vs. Tivic Health Systems | InspireMD vs. Bluejay Diagnostics | InspireMD vs. Vivos Therapeutics |
| Ingen Technologies vs. Rapid Therapeutic Science | Ingen Technologies vs. Bioelectronics Corp | Ingen Technologies vs. InspireMD |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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