Correlation Between Moving IMage and ISpecimen

Can any of the company-specific risk be diversified away by investing in both Moving IMage and ISpecimen 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 Moving IMage and ISpecimen into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Moving iMage Technologies and iSpecimen, you can compare the effects of market volatilities on Moving IMage and ISpecimen 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 Moving IMage with a short position of ISpecimen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Moving IMage and ISpecimen.

Diversification Opportunities for Moving IMage and ISpecimen

-0.01

Correlation Coefficient

Moving IMage  ISpecimen

Good diversification

The 3 months correlation between Moving and ISpecimen is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Moving iMage Technologies and iSpecimen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iSpecimen and Moving IMage 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 Moving iMage Technologies are associated (or correlated) with ISpecimen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iSpecimen has no effect on the direction of Moving IMage i.e., Moving IMage and ISpecimen go up and down completely randomly.

Pair Corralation between Moving IMage and ISpecimen

Given the investment horizon of 90 days Moving iMage Technologies is expected to generate 1.09 times more return on investment than ISpecimen. However, Moving IMage is 1.09 times more volatile than iSpecimen. It trades about 0.08 of its potential returns per unit of risk. iSpecimen is currently generating about 0.04 per unit of risk. If you would invest  58.00  in Moving iMage Technologies on May 16, 2025 and sell it today you would earn a total of  16.00  from holding Moving iMage Technologies or generate 27.59% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.39%
Values	Daily Returns

Moving iMage Technologies  vs.  iSpecimen

Moving iMage Technologies

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in Moving iMage Technologies are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Even with relatively uncertain basic indicators, Moving IMage reported solid returns over the last few months and may actually be approaching a breakup point.

iSpecimen

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in iSpecimen are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of rather weak basic indicators, ISpecimen exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Moving IMage and ISpecimen

The main advantage of trading using opposite Moving IMage and ISpecimen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Moving IMage position performs unexpectedly, ISpecimen 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 ISpecimen will offset losses from the drop in ISpecimen's long position.

The idea behind Moving iMage Technologies and iSpecimen pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.