Correlation Between INTERSHOP Communications and Hyrican Informationssyst
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Hyrican Informationssysteme Aktiengesellschaft, you can compare the effects of market volatilities on INTERSHOP Communications and Hyrican Informationssyst 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 Hyrican Informationssyst. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Hyrican Informationssyst.
Diversification Opportunities for INTERSHOP Communications and Hyrican Informationssyst
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between INTERSHOP and Hyrican is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Hyrican Informationssysteme Ak in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hyrican Informationssyst 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 Hyrican Informationssyst. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyrican Informationssyst has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Hyrican Informationssyst go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Hyrican Informationssyst
Assuming the 90 days trading horizon INTERSHOP Communications is expected to generate 1.24 times less return on investment than Hyrican Informationssyst. In addition to that, INTERSHOP Communications is 1.16 times more volatile than Hyrican Informationssysteme Aktiengesellschaft. It trades about 0.02 of its total potential returns per unit of risk. Hyrican Informationssysteme Aktiengesellschaft is currently generating about 0.03 per unit of volatility. If you would invest 449.00 in Hyrican Informationssysteme Aktiengesellschaft on September 12, 2024 and sell it today you would earn a total of 81.00 from holding Hyrican Informationssysteme Aktiengesellschaft or generate 18.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. Hyrican Informationssysteme Ak
Performance |
| Timeline |
| INTERSHOP Communications |
| Hyrican Informationssyst |
INTERSHOP Communications and Hyrican Informationssyst Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Hyrican Informationssyst
The main advantage of trading using opposite INTERSHOP Communications and Hyrican Informationssyst positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Hyrican Informationssyst 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 Hyrican Informationssyst will offset losses from the drop in Hyrican Informationssyst'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 |
| Hyrican Informationssyst vs. Arista Networks | Hyrican Informationssyst vs. Superior Plus Corp | Hyrican Informationssyst vs. SIVERS SEMICONDUCTORS AB | Hyrican Informationssyst vs. NorAm Drilling AS |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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