Correlation Between INTERSHOP Communications and AUSNUTRIA DAIRY
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and AUSNUTRIA DAIRY, you can compare the effects of market volatilities on INTERSHOP Communications and AUSNUTRIA DAIRY 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 AUSNUTRIA DAIRY. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and AUSNUTRIA DAIRY.
Diversification Opportunities for INTERSHOP Communications and AUSNUTRIA DAIRY
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between INTERSHOP and AUSNUTRIA is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and AUSNUTRIA DAIRY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AUSNUTRIA DAIRY 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 AUSNUTRIA DAIRY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AUSNUTRIA DAIRY has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and AUSNUTRIA DAIRY go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and AUSNUTRIA DAIRY
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to generate 0.65 times more return on investment than AUSNUTRIA DAIRY. However, INTERSHOP Communications Aktiengesellschaft is 1.55 times less risky than AUSNUTRIA DAIRY. It trades about -0.11 of its potential returns per unit of risk. AUSNUTRIA DAIRY is currently generating about -0.14 per unit of risk. If you would invest 195.00 in INTERSHOP Communications Aktiengesellschaft on September 20, 2024 and sell it today you would lose (12.00) from holding INTERSHOP Communications Aktiengesellschaft or give up 6.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. AUSNUTRIA DAIRY
Performance |
| Timeline |
| INTERSHOP Communications |
| AUSNUTRIA DAIRY |
INTERSHOP Communications and AUSNUTRIA DAIRY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and AUSNUTRIA DAIRY
The main advantage of trading using opposite INTERSHOP Communications and AUSNUTRIA DAIRY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, AUSNUTRIA DAIRY 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 AUSNUTRIA DAIRY will offset losses from the drop in AUSNUTRIA DAIRY's 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 |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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