Correlation Between IMAGIN MEDICAL and WEIQIAO TEXTILE
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and WEIQIAO TEXTILE 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 IMAGIN MEDICAL and WEIQIAO TEXTILE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IMAGIN MEDICAL INC and WEIQIAO TEXTILE H , you can compare the effects of market volatilities on IMAGIN MEDICAL and WEIQIAO TEXTILE 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 IMAGIN MEDICAL with a short position of WEIQIAO TEXTILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and WEIQIAO TEXTILE.
Diversification Opportunities for IMAGIN MEDICAL and WEIQIAO TEXTILE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and WEIQIAO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and WEIQIAO TEXTILE H in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WEIQIAO TEXTILE H and IMAGIN MEDICAL 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 IMAGIN MEDICAL INC are associated (or correlated) with WEIQIAO TEXTILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WEIQIAO TEXTILE H has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and WEIQIAO TEXTILE go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and WEIQIAO TEXTILE
If you would invest 0.00 in WEIQIAO TEXTILE H on October 26, 2024 and sell it today you would earn a total of 0.00 from holding WEIQIAO TEXTILE H or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 1.72% |
Values | Daily Returns |
IMAGIN MEDICAL INC vs. WEIQIAO TEXTILE H
Performance |
Timeline |
IMAGIN MEDICAL INC |
WEIQIAO TEXTILE H |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
IMAGIN MEDICAL and WEIQIAO TEXTILE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IMAGIN MEDICAL and WEIQIAO TEXTILE
The main advantage of trading using opposite IMAGIN MEDICAL and WEIQIAO TEXTILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, WEIQIAO TEXTILE 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 WEIQIAO TEXTILE will offset losses from the drop in WEIQIAO TEXTILE's long position.IMAGIN MEDICAL vs. FAIR ISAAC | ||
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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