Correlation Between INTERSHOP Communications and PLATO GOLD
Specify exactly 2 symbols:
By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and PLATO GOLD P, you can compare the effects of market volatilities on INTERSHOP Communications and PLATO GOLD 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 PLATO GOLD. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and PLATO GOLD.
Diversification Opportunities for INTERSHOP Communications and PLATO GOLD
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between INTERSHOP and PLATO is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and PLATO GOLD P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLATO GOLD P 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 PLATO GOLD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLATO GOLD P has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and PLATO GOLD go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and PLATO GOLD
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the PLATO GOLD. But the stock apears to be less risky and, when comparing its historical volatility, INTERSHOP Communications Aktiengesellschaft is 16.03 times less risky than PLATO GOLD. The stock trades about -0.01 of its potential returns per unit of risk. The PLATO GOLD P is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1.05 in PLATO GOLD P on August 29, 2024 and sell it today you would lose (0.70) from holding PLATO GOLD P or give up 66.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. PLATO GOLD P
Performance |
| Timeline |
| INTERSHOP Communications |
| PLATO GOLD P |
INTERSHOP Communications and PLATO GOLD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and PLATO GOLD
The main advantage of trading using opposite INTERSHOP Communications and PLATO GOLD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, PLATO GOLD 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 PLATO GOLD will offset losses from the drop in PLATO GOLD's long position.| INTERSHOP Communications vs. SAP SE | INTERSHOP Communications vs. Workiva | INTERSHOP Communications vs. Fastly Inc |
| PLATO GOLD vs. COMMERCIAL VEHICLE | PLATO GOLD vs. GRUPO CARSO A1 | PLATO GOLD vs. Harmony Gold Mining | PLATO GOLD vs. GEELY AUTOMOBILE |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |