Correlation Between CNVISION MEDIA and INTERSHOP Communications
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By analyzing existing cross correlation between CNVISION MEDIA and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on CNVISION MEDIA 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 CNVISION MEDIA with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNVISION MEDIA and INTERSHOP Communications.
Diversification Opportunities for CNVISION MEDIA and INTERSHOP Communications
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CNVISION and INTERSHOP is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding CNVISION MEDIA and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and CNVISION MEDIA 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 CNVISION MEDIA 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 CNVISION MEDIA i.e., CNVISION MEDIA and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between CNVISION MEDIA and INTERSHOP Communications
Assuming the 90 days trading horizon CNVISION MEDIA is expected to under-perform the INTERSHOP Communications. In addition to that, CNVISION MEDIA is 1.69 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about -0.22 of its total potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about 0.02 per unit of volatility. If you would invest 193.00 in INTERSHOP Communications Aktiengesellschaft on August 27, 2024 and sell it today you would earn a total of 1.00 from holding INTERSHOP Communications Aktiengesellschaft or generate 0.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNVISION MEDIA vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| CNVISION MEDIA |
| INTERSHOP Communications |
CNVISION MEDIA and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNVISION MEDIA and INTERSHOP Communications
The main advantage of trading using opposite CNVISION MEDIA and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNVISION MEDIA 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.| CNVISION MEDIA vs. Chunghwa Telecom Co | CNVISION MEDIA vs. Zoom Video Communications | CNVISION MEDIA vs. TOWNSQUARE MEDIA INC | CNVISION MEDIA vs. Comba Telecom Systems |
| INTERSHOP Communications vs. Nemetschek AG ON | 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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