Correlation Between Dave Busters and INTERSHOP Communications
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By analyzing existing cross correlation between Dave Busters Entertainment and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on Dave Busters 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 Dave Busters with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dave Busters and INTERSHOP Communications.
Diversification Opportunities for Dave Busters and INTERSHOP Communications
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dave and INTERSHOP is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Dave Busters Entertainment and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and Dave Busters 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 Dave Busters Entertainment 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 Dave Busters i.e., Dave Busters and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between Dave Busters and INTERSHOP Communications
Assuming the 90 days horizon Dave Busters Entertainment is expected to generate 2.86 times more return on investment than INTERSHOP Communications. However, Dave Busters is 2.86 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.0 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.12 per unit of risk. If you would invest 3,620 in Dave Busters Entertainment on August 31, 2024 and sell it today you would lose (60.00) from holding Dave Busters Entertainment or give up 1.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dave Busters Entertainment vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| Dave Busters Enterta |
| INTERSHOP Communications |
Dave Busters and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dave Busters and INTERSHOP Communications
The main advantage of trading using opposite Dave Busters and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dave Busters 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.| Dave Busters vs. Pick n Pay | Dave Busters vs. FUYO GENERAL LEASE | Dave Busters vs. MOLSON RS BEVERAGE | Dave Busters vs. MARKET VECTR RETAIL |
| INTERSHOP Communications vs. Aegean Airlines SA | INTERSHOP Communications vs. INTER CARS SA | INTERSHOP Communications vs. Grupo Carso SAB | INTERSHOP Communications vs. United Airlines Holdings |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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