Correlation Between INTERSHOP Communications and Nexstar Media
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Nexstar Media Group, you can compare the effects of market volatilities on INTERSHOP Communications and Nexstar Media 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 Nexstar Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Nexstar Media.
Diversification Opportunities for INTERSHOP Communications and Nexstar Media
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between INTERSHOP and Nexstar is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Nexstar Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nexstar Media Group 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 Nexstar Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nexstar Media Group has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Nexstar Media go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Nexstar Media
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the Nexstar Media. In addition to that, INTERSHOP Communications is 1.34 times more volatile than Nexstar Media Group. It trades about -0.02 of its total potential returns per unit of risk. Nexstar Media Group is currently generating about 0.01 per unit of volatility. If you would invest 15,585 in Nexstar Media Group on October 11, 2024 and sell it today you would lose (80.00) from holding Nexstar Media Group or give up 0.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. Nexstar Media Group
Performance |
| Timeline |
| INTERSHOP Communications |
| Nexstar Media Group |
INTERSHOP Communications and Nexstar Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Nexstar Media
The main advantage of trading using opposite INTERSHOP Communications and Nexstar Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Nexstar Media 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 Nexstar Media will offset losses from the drop in Nexstar Media's long position.| INTERSHOP Communications vs. ZhongAn Online P | INTERSHOP Communications vs. Lamar Advertising | INTERSHOP Communications vs. PREMIER FOODS | INTERSHOP Communications vs. INDOFOOD AGRI RES |
| Nexstar Media vs. Singapore Telecommunications Limited | Nexstar Media vs. INTERSHOP Communications Aktiengesellschaft | Nexstar Media vs. Zoom Video Communications | Nexstar Media vs. HEMISPHERE EGY |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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