Correlation Between INTERSHOP Communications and Performance Food
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Performance Food Group, you can compare the effects of market volatilities on INTERSHOP Communications and Performance Food 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 Performance Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Performance Food.
Diversification Opportunities for INTERSHOP Communications and Performance Food
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between INTERSHOP and Performance is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Performance Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Performance Food 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 Performance Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Performance Food has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Performance Food go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Performance Food
Assuming the 90 days trading horizon INTERSHOP Communications is expected to generate 2.08 times less return on investment than Performance Food. In addition to that, INTERSHOP Communications is 2.17 times more volatile than Performance Food Group. It trades about 0.07 of its total potential returns per unit of risk. Performance Food Group is currently generating about 0.34 per unit of volatility. If you would invest 8,100 in Performance Food Group on November 3, 2024 and sell it today you would earn a total of 550.00 from holding Performance Food Group or generate 6.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. Performance Food Group
Performance |
| Timeline |
| INTERSHOP Communications |
| Performance Food |
INTERSHOP Communications and Performance Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Performance Food
The main advantage of trading using opposite INTERSHOP Communications and Performance Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Performance Food 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 Performance Food will offset losses from the drop in Performance Food's long position.| INTERSHOP Communications vs. BAKED GAMES SA | INTERSHOP Communications vs. ECHO INVESTMENT ZY | INTERSHOP Communications vs. OURGAME INTHOLDL 00005 | INTERSHOP Communications vs. SEI INVESTMENTS |
| Performance Food vs. BioNTech SE | Performance Food vs. GLG LIFE TECH | Performance Food vs. SOFI TECHNOLOGIES | Performance Food vs. CHRYSALIS INVESTMENTS LTD |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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