Correlation Between INTERSHOP Communications and HNI
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and HNI Corporation, you can compare the effects of market volatilities on INTERSHOP Communications and HNI 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 HNI. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and HNI.
Diversification Opportunities for INTERSHOP Communications and HNI
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between INTERSHOP and HNI is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and HNI Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNI Corporation 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 HNI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HNI Corporation has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and HNI go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and HNI
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the HNI. But the stock apears to be less risky and, when comparing its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.18 times less risky than HNI. The stock trades about -0.04 of its potential returns per unit of risk. The HNI Corporation is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 5,067 in HNI Corporation on September 12, 2024 and sell it today you would earn a total of 83.00 from holding HNI Corporation or generate 1.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. HNI Corp.
Performance |
| Timeline |
| INTERSHOP Communications |
| HNI Corporation |
INTERSHOP Communications and HNI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and HNI
The main advantage of trading using opposite INTERSHOP Communications and HNI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, HNI 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 HNI will offset losses from the drop in HNI'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 |
| HNI vs. Sunny Optical Technology | HNI vs. Micron Technology | HNI vs. LIFEWAY FOODS | HNI vs. Astral Foods Limited |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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