Correlation Between FuelCell Energy and INTERSHOP Communications
Specify exactly 2 symbols:
By analyzing existing cross correlation between FuelCell Energy and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on FuelCell Energy 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 FuelCell Energy with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of FuelCell Energy and INTERSHOP Communications.
Diversification Opportunities for FuelCell Energy and INTERSHOP Communications
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between FuelCell and INTERSHOP is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding FuelCell Energy and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and FuelCell Energy 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 FuelCell Energy 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 FuelCell Energy i.e., FuelCell Energy and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between FuelCell Energy and INTERSHOP Communications
Assuming the 90 days trading horizon FuelCell Energy is expected to generate 4.09 times more return on investment than INTERSHOP Communications. However, FuelCell Energy is 4.09 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.27 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about 0.1 per unit of risk. If you would invest 960.00 in FuelCell Energy on October 28, 2024 and sell it today you would earn a total of 170.00 from holding FuelCell Energy or generate 17.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 45.0% |
| Values | Daily Returns |
FuelCell Energy vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| FuelCell Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
| INTERSHOP Communications |
FuelCell Energy and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FuelCell Energy and INTERSHOP Communications
The main advantage of trading using opposite FuelCell Energy and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FuelCell Energy 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.| FuelCell Energy vs. SYSTEMAIR AB | FuelCell Energy vs. Townsquare Media | FuelCell Energy vs. ALTAIR RES INC | FuelCell Energy vs. Ryanair Holdings plc |
| INTERSHOP Communications vs. Uber Technologies | INTERSHOP Communications vs. PagerDuty | INTERSHOP Communications vs. Rocket Internet SE | INTERSHOP Communications vs. Fastly Inc |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |