Correlation Between GRENKELEASING and INTERSHOP Communications
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By analyzing existing cross correlation between GRENKELEASING Dusseldorf and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on GRENKELEASING 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 GRENKELEASING with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRENKELEASING and INTERSHOP Communications.
Diversification Opportunities for GRENKELEASING and INTERSHOP Communications
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GRENKELEASING and INTERSHOP is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding GRENKELEASING Dusseldorf and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and GRENKELEASING 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 GRENKELEASING Dusseldorf 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 GRENKELEASING i.e., GRENKELEASING and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between GRENKELEASING and INTERSHOP Communications
Assuming the 90 days trading horizon GRENKELEASING Dusseldorf is expected to generate 1.18 times more return on investment than INTERSHOP Communications. However, GRENKELEASING is 1.18 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.17 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.05 per unit of risk. If you would invest 1,564 in GRENKELEASING Dusseldorf on October 16, 2024 and sell it today you would earn a total of 86.00 from holding GRENKELEASING Dusseldorf or generate 5.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRENKELEASING Dusseldorf vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| GRENKELEASING Duss |
| INTERSHOP Communications |
GRENKELEASING and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRENKELEASING and INTERSHOP Communications
The main advantage of trading using opposite GRENKELEASING and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRENKELEASING 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.| GRENKELEASING vs. Nordic Semiconductor ASA | GRENKELEASING vs. The Yokohama Rubber | GRENKELEASING vs. NXP Semiconductors NV | GRENKELEASING vs. Magnachip Semiconductor |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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