Correlation Between INTERSHOP Communications and Sands China
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Sands China, you can compare the effects of market volatilities on INTERSHOP Communications and Sands China 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 Sands China. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Sands China.
Diversification Opportunities for INTERSHOP Communications and Sands China
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between INTERSHOP and Sands is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Sands China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sands China 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 Sands China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sands China has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Sands China go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Sands China
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to generate 0.77 times more return on investment than Sands China. However, INTERSHOP Communications Aktiengesellschaft is 1.3 times less risky than Sands China. It trades about 0.06 of its potential returns per unit of risk. Sands China is currently generating about -0.55 per unit of risk. If you would invest 176.00 in INTERSHOP Communications Aktiengesellschaft on October 21, 2024 and sell it today you would earn a total of 2.00 from holding INTERSHOP Communications Aktiengesellschaft or generate 1.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. Sands China
Performance |
| Timeline |
| INTERSHOP Communications |
| Sands China |
INTERSHOP Communications and Sands China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Sands China
The main advantage of trading using opposite INTERSHOP Communications and Sands China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Sands China 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 Sands China will offset losses from the drop in Sands China's long position.| INTERSHOP Communications vs. DENTSPLY SIRONA | INTERSHOP Communications vs. GameStop Corp | INTERSHOP Communications vs. ELL ENVIRONHLDGS HD 0001 | INTERSHOP Communications vs. DETALION GAMES SA |
| Sands China vs. Las Vegas Sands | Sands China vs. Galaxy Entertainment Group | Sands China vs. MGM Resorts International | Sands China vs. Wynn Resorts Limited |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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