Correlation Between Gol Intelligent and INTERSHOP Communications
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By analyzing existing cross correlation between Gol Intelligent Airlines and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on Gol Intelligent 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 Gol Intelligent with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and INTERSHOP Communications.
Diversification Opportunities for Gol Intelligent and INTERSHOP Communications
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and INTERSHOP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and Gol Intelligent 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 Gol Intelligent Airlines 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 Gol Intelligent i.e., Gol Intelligent and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between Gol Intelligent and INTERSHOP Communications
Assuming the 90 days trading horizon Gol Intelligent Airlines is expected to under-perform the INTERSHOP Communications. In addition to that, Gol Intelligent is 2.73 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.0 of its total potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.01 per unit of volatility. If you would invest 285.00 in INTERSHOP Communications Aktiengesellschaft on August 26, 2024 and sell it today you would lose (91.00) from holding INTERSHOP Communications Aktiengesellschaft or give up 31.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| Gol Intelligent Airlines |
| INTERSHOP Communications |
Gol Intelligent and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and INTERSHOP Communications
The main advantage of trading using opposite Gol Intelligent and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent 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.| Gol Intelligent vs. Apple Inc | Gol Intelligent vs. Apple Inc | Gol Intelligent vs. Apple Inc | Gol Intelligent vs. Apple 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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