Correlation Between INTERSHOP Communications and ALBIS LEASING
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and ALBIS LEASING AG, you can compare the effects of market volatilities on INTERSHOP Communications and ALBIS LEASING 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 ALBIS LEASING. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and ALBIS LEASING.
Diversification Opportunities for INTERSHOP Communications and ALBIS LEASING
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between INTERSHOP and ALBIS is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and ALBIS LEASING AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALBIS LEASING AG 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 ALBIS LEASING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALBIS LEASING AG has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and ALBIS LEASING go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and ALBIS LEASING
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the ALBIS LEASING. In addition to that, INTERSHOP Communications is 3.15 times more volatile than ALBIS LEASING AG. It trades about -0.09 of its total potential returns per unit of risk. ALBIS LEASING AG is currently generating about -0.02 per unit of volatility. If you would invest 278.00 in ALBIS LEASING AG on October 29, 2024 and sell it today you would lose (2.00) from holding ALBIS LEASING AG or give up 0.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.44% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. ALBIS LEASING AG
Performance |
| Timeline |
| INTERSHOP Communications |
| ALBIS LEASING AG |
INTERSHOP Communications and ALBIS LEASING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and ALBIS LEASING
The main advantage of trading using opposite INTERSHOP Communications and ALBIS LEASING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, ALBIS LEASING 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 ALBIS LEASING will offset losses from the drop in ALBIS LEASING's long position.| INTERSHOP Communications vs. Uber Technologies | INTERSHOP Communications vs. PagerDuty | INTERSHOP Communications vs. Rocket Internet SE | INTERSHOP Communications vs. Fastly Inc |
| ALBIS LEASING vs. Kingdee International Software | ALBIS LEASING vs. Fast Retailing Co | ALBIS LEASING vs. Carsales | ALBIS LEASING vs. Addtech AB |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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