Correlation Between Elis SA and INTERSHOP Communications
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By analyzing existing cross correlation between Elis SA and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on Elis SA 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 Elis SA with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elis SA and INTERSHOP Communications.
Diversification Opportunities for Elis SA and INTERSHOP Communications
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Elis and INTERSHOP is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Elis SA and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and Elis SA 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 Elis SA 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 Elis SA i.e., Elis SA and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between Elis SA and INTERSHOP Communications
Assuming the 90 days horizon Elis SA is expected to generate 0.6 times more return on investment than INTERSHOP Communications. However, Elis SA is 1.68 times less risky than INTERSHOP Communications. It trades about 0.06 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.01 per unit of risk. If you would invest 1,241 in Elis SA on September 1, 2024 and sell it today you would earn a total of 680.00 from holding Elis SA or generate 54.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Elis SA vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| Elis SA |
| INTERSHOP Communications |
Elis SA and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elis SA and INTERSHOP Communications
The main advantage of trading using opposite Elis SA and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elis SA 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.| Elis SA vs. INTERSHOP Communications Aktiengesellschaft | Elis SA vs. MI Homes | Elis SA vs. INVITATION HOMES DL | Elis SA vs. LGI Homes |
| INTERSHOP Communications vs. SAP SE | INTERSHOP Communications vs. Superior Plus Corp | INTERSHOP Communications vs. NMI Holdings | INTERSHOP Communications vs. Origin Agritech |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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