Correlation Between INTERSHOP Communications and LABOCANNA
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and LABOCANNA SA ZY 10, you can compare the effects of market volatilities on INTERSHOP Communications and LABOCANNA 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 LABOCANNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and LABOCANNA.
Diversification Opportunities for INTERSHOP Communications and LABOCANNA
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between INTERSHOP and LABOCANNA is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and LABOCANNA SA ZY 10 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LABOCANNA SA ZY 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 LABOCANNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LABOCANNA SA ZY has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and LABOCANNA go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and LABOCANNA
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to generate 0.72 times more return on investment than LABOCANNA. However, INTERSHOP Communications Aktiengesellschaft is 1.38 times less risky than LABOCANNA. It trades about -0.16 of its potential returns per unit of risk. LABOCANNA SA ZY 10 is currently generating about -0.13 per unit of risk. If you would invest 194.00 in INTERSHOP Communications Aktiengesellschaft on September 13, 2024 and sell it today you would lose (13.00) from holding INTERSHOP Communications Aktiengesellschaft or give up 6.7% 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. LABOCANNA SA ZY 10
Performance |
| Timeline |
| INTERSHOP Communications |
| LABOCANNA SA ZY |
INTERSHOP Communications and LABOCANNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and LABOCANNA
The main advantage of trading using opposite INTERSHOP Communications and LABOCANNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, LABOCANNA 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 LABOCANNA will offset losses from the drop in LABOCANNA's long position.| INTERSHOP Communications vs. Salesforce | INTERSHOP Communications vs. Superior Plus Corp | INTERSHOP Communications vs. SIVERS SEMICONDUCTORS AB | INTERSHOP Communications vs. Norsk Hydro ASA |
| LABOCANNA vs. Tower One Wireless | LABOCANNA vs. FARO Technologies | LABOCANNA vs. Mitsui Chemicals | LABOCANNA vs. RCM TECHNOLOGIES |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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