Correlation Between INTERSHOP Communications and Harmony Gold
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Harmony Gold Mining, you can compare the effects of market volatilities on INTERSHOP Communications and Harmony Gold 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 Harmony Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Harmony Gold.
Diversification Opportunities for INTERSHOP Communications and Harmony Gold
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between INTERSHOP and Harmony is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Harmony Gold Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harmony Gold Mining 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 Harmony Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harmony Gold Mining has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Harmony Gold go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Harmony Gold
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the Harmony Gold. But the stock apears to be less risky and, when comparing its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.2 times less risky than Harmony Gold. The stock trades about -0.01 of its potential returns per unit of risk. The Harmony Gold Mining is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 309.00 in Harmony Gold Mining on September 14, 2024 and sell it today you would earn a total of 556.00 from holding Harmony Gold Mining or generate 179.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. Harmony Gold Mining
Performance |
| Timeline |
| INTERSHOP Communications |
| Harmony Gold Mining |
INTERSHOP Communications and Harmony Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Harmony Gold
The main advantage of trading using opposite INTERSHOP Communications and Harmony Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Harmony Gold 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 Harmony Gold will offset losses from the drop in Harmony Gold'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 |
| Harmony Gold vs. Franco Nevada | Harmony Gold vs. Superior Plus Corp | Harmony Gold vs. SIVERS SEMICONDUCTORS AB | Harmony Gold 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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