Correlation Between IMAGIN MEDICAL and UNIVERSAL MUSIC
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and UNIVERSAL MUSIC 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 UNIVERSAL MUSIC 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 UNIVERSAL MUSIC GROUP, you can compare the effects of market volatilities on IMAGIN MEDICAL and UNIVERSAL MUSIC 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 UNIVERSAL MUSIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and UNIVERSAL MUSIC.
Diversification Opportunities for IMAGIN MEDICAL and UNIVERSAL MUSIC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and UNIVERSAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and UNIVERSAL MUSIC GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNIVERSAL MUSIC GROUP 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 UNIVERSAL MUSIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNIVERSAL MUSIC GROUP has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and UNIVERSAL MUSIC go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and UNIVERSAL MUSIC
If you would invest 0.05 in IMAGIN MEDICAL INC on July 16, 2025 and sell it today you would earn a total of 0.00 from holding IMAGIN MEDICAL INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
IMAGIN MEDICAL INC vs. UNIVERSAL MUSIC GROUP
Performance |
| Timeline |
| IMAGIN MEDICAL INC |
| UNIVERSAL MUSIC GROUP |
IMAGIN MEDICAL and UNIVERSAL MUSIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IMAGIN MEDICAL and UNIVERSAL MUSIC
The main advantage of trading using opposite IMAGIN MEDICAL and UNIVERSAL MUSIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, UNIVERSAL MUSIC 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 UNIVERSAL MUSIC will offset losses from the drop in UNIVERSAL MUSIC's long position.| IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Abbott Laboratories | IMAGIN MEDICAL vs. Medtronic PLC | IMAGIN MEDICAL vs. Stryker |
| UNIVERSAL MUSIC vs. IMAGIN MEDICAL INC | UNIVERSAL MUSIC vs. Mitsubishi Gas Chemical | UNIVERSAL MUSIC vs. Compugroup Medical SE | UNIVERSAL MUSIC vs. KINGBOARD CHEMICAL |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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