Correlation Between INTERSHOP Communications and Aegean Airlines
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Aegean Airlines SA, you can compare the effects of market volatilities on INTERSHOP Communications and Aegean Airlines 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 Aegean Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Aegean Airlines.
Diversification Opportunities for INTERSHOP Communications and Aegean Airlines
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between INTERSHOP and Aegean is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Aegean Airlines SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aegean Airlines SA 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 Aegean Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aegean Airlines SA has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Aegean Airlines go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Aegean Airlines
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to generate 1.21 times more return on investment than Aegean Airlines. However, INTERSHOP Communications is 1.21 times more volatile than Aegean Airlines SA. It trades about 0.07 of its potential returns per unit of risk. Aegean Airlines SA is currently generating about -0.03 per unit of risk. If you would invest 173.00 in INTERSHOP Communications Aktiengesellschaft on September 20, 2024 and sell it today you would earn a total of 10.00 from holding INTERSHOP Communications Aktiengesellschaft or generate 5.78% 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. Aegean Airlines SA
Performance |
| Timeline |
| INTERSHOP Communications |
| Aegean Airlines SA |
INTERSHOP Communications and Aegean Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Aegean Airlines
The main advantage of trading using opposite INTERSHOP Communications and Aegean Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Aegean Airlines 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 Aegean Airlines will offset losses from the drop in Aegean Airlines' long position.| INTERSHOP Communications vs. Superior Plus Corp | INTERSHOP Communications vs. SIVERS SEMICONDUCTORS AB | INTERSHOP Communications vs. Norsk Hydro ASA | INTERSHOP Communications vs. Reliance Steel Aluminum |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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