Correlation Between HF FOODS and INTERSHOP Communications
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By analyzing existing cross correlation between HF FOODS GRP and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on HF FOODS and INTERSHOP Communications 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 HF FOODS with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of HF FOODS and INTERSHOP Communications.
Diversification Opportunities for HF FOODS and INTERSHOP Communications
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 3GX and INTERSHOP is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding HF FOODS GRP and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and HF FOODS 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 HF FOODS GRP are associated (or correlated) with INTERSHOP Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERSHOP Communications has no effect on the direction of HF FOODS i.e., HF FOODS and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between HF FOODS and INTERSHOP Communications
Assuming the 90 days horizon HF FOODS GRP is expected to generate 1.1 times more return on investment than INTERSHOP Communications. However, HF FOODS is 1.1 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about -0.16 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.23 per unit of risk. If you would invest 344.00 in HF FOODS GRP on September 24, 2024 and sell it today you would lose (34.00) from holding HF FOODS GRP or give up 9.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HF FOODS GRP vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| HF FOODS GRP |
| INTERSHOP Communications |
HF FOODS and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HF FOODS and INTERSHOP Communications
The main advantage of trading using opposite HF FOODS and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HF FOODS position performs unexpectedly, INTERSHOP Communications 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 INTERSHOP Communications will offset losses from the drop in INTERSHOP Communications' long position.| HF FOODS vs. Sysco | HF FOODS vs. Jernimo Martins SGPS | HF FOODS vs. JERONIMO MARTINS UNADR2 | HF FOODS vs. Performance Food Group |
| INTERSHOP Communications vs. Salesforce | INTERSHOP Communications vs. SAP SE | INTERSHOP Communications vs. Uber Technologies | INTERSHOP Communications vs. Nemetschek AG ON |
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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