Correlation Between Regions Financial and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Regions Financial 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 Regions Financial and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regions Financial and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on Regions Financial 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 Regions Financial with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regions Financial and IMAGIN MEDICAL.
Diversification Opportunities for Regions Financial and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Regions and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Regions Financial 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 Regions Financial 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 Regions Financial 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 Regions Financial i.e., Regions Financial and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between Regions Financial and IMAGIN MEDICAL
If you would invest 2,240 in Regions Financial on September 1, 2024 and sell it today you would earn a total of 340.00 from holding Regions Financial or generate 15.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Regions Financial vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| Regions Financial |
| IMAGIN MEDICAL INC |
Regions Financial and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regions Financial and IMAGIN MEDICAL
The main advantage of trading using opposite Regions Financial and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regions Financial 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.| Regions Financial vs. Fifth Third Bancorp | Regions Financial vs. Superior Plus Corp | Regions Financial vs. Origin Agritech | Regions Financial vs. Identiv |
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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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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