Correlation Between Singapore Airlines and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Singapore Airlines 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 Singapore Airlines and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Singapore Airlines Limited and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on Singapore Airlines 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 Singapore Airlines with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singapore Airlines and IMAGIN MEDICAL.
Diversification Opportunities for Singapore Airlines and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Singapore and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Singapore Airlines Limited 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 Singapore Airlines 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 Singapore Airlines Limited 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 Singapore Airlines i.e., Singapore Airlines and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between Singapore Airlines and IMAGIN MEDICAL
If you would invest 435.00 in Singapore Airlines Limited on October 7, 2024 and sell it today you would earn a total of 19.00 from holding Singapore Airlines Limited or generate 4.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
Singapore Airlines Limited vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| Singapore Airlines |
| IMAGIN MEDICAL INC |
Singapore Airlines and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singapore Airlines and IMAGIN MEDICAL
The main advantage of trading using opposite Singapore Airlines and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singapore Airlines 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.| Singapore Airlines vs. Delta Air Lines | Singapore Airlines vs. RYANAIR HLDGS ADR | Singapore Airlines vs. Southwest Airlines Co | Singapore Airlines vs. Ryanair Holdings plc |
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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