Correlation Between AGF Management and INTERSHOP Communications
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By analyzing existing cross correlation between AGF Management Limited and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on AGF Management 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 AGF Management with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF Management and INTERSHOP Communications.
Diversification Opportunities for AGF Management and INTERSHOP Communications
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AGF and INTERSHOP is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding AGF Management Limited and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and AGF Management 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 AGF Management Limited 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 AGF Management i.e., AGF Management and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between AGF Management and INTERSHOP Communications
Assuming the 90 days horizon AGF Management Limited is expected to generate 1.58 times more return on investment than INTERSHOP Communications. However, AGF Management is 1.58 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.2 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.25 per unit of risk. If you would invest 670.00 in AGF Management Limited on September 2, 2024 and sell it today you would earn a total of 60.00 from holding AGF Management Limited or generate 8.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGF Management Limited vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| AGF Management |
| INTERSHOP Communications |
AGF Management and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF Management and INTERSHOP Communications
The main advantage of trading using opposite AGF Management and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF Management 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.| AGF Management vs. Ameriprise Financial | AGF Management vs. Ares Management Corp | AGF Management vs. Superior Plus Corp | AGF Management vs. NMI Holdings |
| INTERSHOP Communications vs. GRIFFIN MINING LTD | INTERSHOP Communications vs. UMC Electronics Co | INTERSHOP Communications vs. MCEWEN MINING INC | INTERSHOP Communications vs. ELECTRONIC ARTS |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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