Correlation Between GRIFFIN MINING and INTERSHOP Communications
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By analyzing existing cross correlation between GRIFFIN MINING LTD and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on GRIFFIN MINING 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 GRIFFIN MINING with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and INTERSHOP Communications.
Diversification Opportunities for GRIFFIN MINING and INTERSHOP Communications
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between GRIFFIN and INTERSHOP is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and GRIFFIN MINING 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 GRIFFIN MINING LTD 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 GRIFFIN MINING i.e., GRIFFIN MINING and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and INTERSHOP Communications
Assuming the 90 days horizon GRIFFIN MINING is expected to generate 3.09 times less return on investment than INTERSHOP Communications. In addition to that, GRIFFIN MINING is 1.66 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.01 of its total potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about 0.08 per unit of volatility. If you would invest 175.00 in INTERSHOP Communications Aktiengesellschaft on November 3, 2024 and sell it today you would earn a total of 5.00 from holding INTERSHOP Communications Aktiengesellschaft or generate 2.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIFFIN MINING LTD vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| INTERSHOP Communications |
GRIFFIN MINING and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and INTERSHOP Communications
The main advantage of trading using opposite GRIFFIN MINING and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING 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.| GRIFFIN MINING vs. SIVERS SEMICONDUCTORS AB | GRIFFIN MINING vs. NorAm Drilling AS | GRIFFIN MINING vs. Volkswagen AG | GRIFFIN MINING vs. Darden Restaurants |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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