Correlation Between Haemonetics and InMode
Can any of the company-specific risk be diversified away by investing in both Haemonetics and InMode 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 Haemonetics and InMode into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haemonetics and InMode, you can compare the effects of market volatilities on Haemonetics and InMode 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 Haemonetics with a short position of InMode. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haemonetics and InMode.
Diversification Opportunities for Haemonetics and InMode
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haemonetics and InMode is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Haemonetics and InMode in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on InMode and Haemonetics 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 Haemonetics are associated (or correlated) with InMode. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of InMode has no effect on the direction of Haemonetics i.e., Haemonetics and InMode go up and down completely randomly.
Pair Corralation between Haemonetics and InMode
Considering the 90-day investment horizon Haemonetics is expected to generate 0.68 times more return on investment than InMode. However, Haemonetics is 1.48 times less risky than InMode. It trades about 0.23 of its potential returns per unit of risk. InMode is currently generating about -0.06 per unit of risk. If you would invest 5,915 in Haemonetics on April 22, 2025 and sell it today you would earn a total of 1,475 from holding Haemonetics or generate 24.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haemonetics vs. InMode
Performance |
| Timeline |
| Haemonetics |
| InMode |
Haemonetics and InMode Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haemonetics and InMode
The main advantage of trading using opposite Haemonetics and InMode positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haemonetics position performs unexpectedly, InMode 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 InMode will offset losses from the drop in InMode's long position.| Haemonetics vs. ICU Medical | Haemonetics vs. Merit Medical Systems | Haemonetics vs. The Cooper Companies, | Haemonetics vs. AngioDynamics |
| InMode vs. Align Technology | InMode vs. Edwards Lifesciences Corp | InMode vs. Stryker | InMode vs. DexCom Inc |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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