Correlation Between INTERSHOP Communications and Global Ship
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Global Ship Lease, you can compare the effects of market volatilities on INTERSHOP Communications and Global Ship 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 Global Ship. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Global Ship.
Diversification Opportunities for INTERSHOP Communications and Global Ship
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between INTERSHOP and Global is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Global Ship Lease in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Ship Lease 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 Global Ship. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Ship Lease has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Global Ship go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Global Ship
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the Global Ship. In addition to that, INTERSHOP Communications is 1.54 times more volatile than Global Ship Lease. It trades about -0.01 of its total potential returns per unit of risk. Global Ship Lease is currently generating about 0.05 per unit of volatility. If you would invest 1,399 in Global Ship Lease on September 2, 2024 and sell it today you would earn a total of 633.00 from holding Global Ship Lease or generate 45.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. Global Ship Lease
Performance |
| Timeline |
| INTERSHOP Communications |
| Global Ship Lease |
INTERSHOP Communications and Global Ship Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Global Ship
The main advantage of trading using opposite INTERSHOP Communications and Global Ship positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Global Ship 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 Global Ship will offset losses from the drop in Global Ship's long position.| INTERSHOP Communications vs. GRIFFIN MINING LTD | INTERSHOP Communications vs. UMC Electronics Co | INTERSHOP Communications vs. MCEWEN MINING INC | INTERSHOP Communications vs. ELECTRONIC ARTS |
| Global Ship vs. Wilh Wilhelmsen Holding | Global Ship vs. Superior Plus Corp | Global Ship vs. NMI Holdings | Global Ship vs. Origin Agritech |
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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