Correlation Between IMAGIN MEDICAL and Martin Marietta
Can any of the company-specific risk be diversified away by investing in both IMAGIN MEDICAL and Martin Marietta 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 Martin Marietta 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 Martin Marietta Materials, you can compare the effects of market volatilities on IMAGIN MEDICAL and Martin Marietta 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 Martin Marietta. Check out your portfolio center. Please also check ongoing floating volatility patterns of IMAGIN MEDICAL and Martin Marietta.
Diversification Opportunities for IMAGIN MEDICAL and Martin Marietta
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IMAGIN and Martin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IMAGIN MEDICAL INC and Martin Marietta Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Martin Marietta Materials 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 Martin Marietta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Martin Marietta Materials has no effect on the direction of IMAGIN MEDICAL i.e., IMAGIN MEDICAL and Martin Marietta go up and down completely randomly.
Pair Corralation between IMAGIN MEDICAL and Martin Marietta
If you would invest 44,306 in Martin Marietta Materials on April 25, 2025 and sell it today you would earn a total of 4,364 from holding Martin Marietta Materials or generate 9.85% 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. Martin Marietta Materials
Performance |
Timeline |
IMAGIN MEDICAL INC |
Martin Marietta Materials |
IMAGIN MEDICAL and Martin Marietta Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IMAGIN MEDICAL and Martin Marietta
The main advantage of trading using opposite IMAGIN MEDICAL and Martin Marietta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IMAGIN MEDICAL position performs unexpectedly, Martin Marietta 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 Martin Marietta will offset losses from the drop in Martin Marietta's long position.IMAGIN MEDICAL vs. QBE Insurance Group | IMAGIN MEDICAL vs. Singapore Reinsurance | IMAGIN MEDICAL vs. LIFENET INSURANCE CO | IMAGIN MEDICAL vs. SBI Insurance Group |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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