Correlation Between INTERSHOP Communications and HAVILAH RESOURCES
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and HAVILAH RESOURCES, you can compare the effects of market volatilities on INTERSHOP Communications and HAVILAH RESOURCES 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 HAVILAH RESOURCES. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and HAVILAH RESOURCES.
Diversification Opportunities for INTERSHOP Communications and HAVILAH RESOURCES
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between INTERSHOP and HAVILAH is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and HAVILAH RESOURCES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HAVILAH RESOURCES 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 HAVILAH RESOURCES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HAVILAH RESOURCES has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and HAVILAH RESOURCES go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and HAVILAH RESOURCES
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the HAVILAH RESOURCES. But the stock apears to be less risky and, when comparing its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.88 times less risky than HAVILAH RESOURCES. The stock trades about -0.02 of its potential returns per unit of risk. The HAVILAH RESOURCES is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 15.00 in HAVILAH RESOURCES on September 12, 2024 and sell it today you would lose (2.00) from holding HAVILAH RESOURCES or give up 13.33% 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. HAVILAH RESOURCES
Performance |
| Timeline |
| INTERSHOP Communications |
| HAVILAH RESOURCES |
INTERSHOP Communications and HAVILAH RESOURCES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and HAVILAH RESOURCES
The main advantage of trading using opposite INTERSHOP Communications and HAVILAH RESOURCES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, HAVILAH RESOURCES 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 HAVILAH RESOURCES will offset losses from the drop in HAVILAH RESOURCES'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 |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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