Correlation Between GOLD ROAD and INTERSHOP Communications
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By analyzing existing cross correlation between GOLD ROAD RES and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on GOLD ROAD 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 GOLD ROAD with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of GOLD ROAD and INTERSHOP Communications.
Diversification Opportunities for GOLD ROAD and INTERSHOP Communications
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GOLD and INTERSHOP is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding GOLD ROAD RES and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and GOLD ROAD 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 GOLD ROAD RES 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 GOLD ROAD i.e., GOLD ROAD and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between GOLD ROAD and INTERSHOP Communications
Assuming the 90 days trading horizon GOLD ROAD RES is expected to generate 0.99 times more return on investment than INTERSHOP Communications. However, GOLD ROAD RES is 1.01 times less risky than INTERSHOP Communications. It trades about 0.05 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 90.00 in GOLD ROAD RES on December 4, 2024 and sell it today you would earn a total of 55.00 from holding GOLD ROAD RES or generate 61.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GOLD ROAD RES vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| GOLD ROAD RES |
| INTERSHOP Communications |
GOLD ROAD and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GOLD ROAD and INTERSHOP Communications
The main advantage of trading using opposite GOLD ROAD and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GOLD ROAD 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.| GOLD ROAD vs. DeVry Education Group | GOLD ROAD vs. ASURE SOFTWARE | GOLD ROAD vs. Adtalem Global Education | GOLD ROAD vs. GBS Software AG |
| INTERSHOP Communications vs. SOUTHWEST AIRLINES | INTERSHOP Communications vs. TRADELINK ELECTRON | INTERSHOP Communications vs. Indutrade AB | INTERSHOP Communications vs. SINGAPORE AIRLINES |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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