Correlation Between INTERSHOP Communications and YATRA ONLINE
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and YATRA ONLINE DL 0001, you can compare the effects of market volatilities on INTERSHOP Communications and YATRA ONLINE 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 INTERSHOP Communications with a short position of YATRA ONLINE. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and YATRA ONLINE.
Diversification Opportunities for INTERSHOP Communications and YATRA ONLINE
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between INTERSHOP and YATRA is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and YATRA ONLINE DL 0001 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YATRA ONLINE DL and INTERSHOP Communications 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 INTERSHOP Communications Aktiengesellschaft are associated (or correlated) with YATRA ONLINE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YATRA ONLINE DL has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and YATRA ONLINE go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and YATRA ONLINE
Assuming the 90 days trading horizon INTERSHOP Communications is expected to generate 28.24 times less return on investment than YATRA ONLINE. But when comparing it to its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.26 times less risky than YATRA ONLINE. It trades about 0.01 of its potential returns per unit of risk. YATRA ONLINE DL 0001 is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 126.00 in YATRA ONLINE DL 0001 on August 29, 2024 and sell it today you would earn a total of 9.00 from holding YATRA ONLINE DL 0001 or generate 7.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. YATRA ONLINE DL 0001
Performance |
| Timeline |
| INTERSHOP Communications |
| YATRA ONLINE DL |
INTERSHOP Communications and YATRA ONLINE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and YATRA ONLINE
The main advantage of trading using opposite INTERSHOP Communications and YATRA ONLINE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, YATRA ONLINE 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 YATRA ONLINE will offset losses from the drop in YATRA ONLINE's long position.| INTERSHOP Communications vs. Superior Plus Corp | INTERSHOP Communications vs. NMI Holdings | INTERSHOP Communications vs. Origin Agritech | INTERSHOP Communications vs. SIVERS SEMICONDUCTORS AB |
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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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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