Correlation Between SENECA FOODS and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both SENECA FOODS 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 SENECA FOODS and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SENECA FOODS A and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on SENECA FOODS 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 SENECA FOODS with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of SENECA FOODS and IMAGIN MEDICAL.
Diversification Opportunities for SENECA FOODS and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SENECA and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SENECA FOODS A 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 SENECA FOODS 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 SENECA FOODS A 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 SENECA FOODS i.e., SENECA FOODS and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between SENECA FOODS and IMAGIN MEDICAL
If you would invest 5,350 in SENECA FOODS A on August 29, 2024 and sell it today you would earn a total of 1,250 from holding SENECA FOODS A or generate 23.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SENECA FOODS A vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| SENECA FOODS A |
| IMAGIN MEDICAL INC |
SENECA FOODS and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SENECA FOODS and IMAGIN MEDICAL
The main advantage of trading using opposite SENECA FOODS and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SENECA FOODS 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.| SENECA FOODS vs. REGAL ASIAN INVESTMENTS | SENECA FOODS vs. Chuangs China Investments | SENECA FOODS vs. Methode Electronics | SENECA FOODS vs. LPKF Laser Electronics |
| IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Medtronic PLC | IMAGIN MEDICAL vs. Stryker | IMAGIN MEDICAL vs. Boston Scientific |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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