Correlation Between INTERSHOP Communications and PUBLIC STORAGE
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and PUBLIC STORAGE PRFO, you can compare the effects of market volatilities on INTERSHOP Communications and PUBLIC STORAGE 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 PUBLIC STORAGE. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and PUBLIC STORAGE.
Diversification Opportunities for INTERSHOP Communications and PUBLIC STORAGE
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between INTERSHOP and PUBLIC is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and PUBLIC STORAGE PRFO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PUBLIC STORAGE PRFO 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 PUBLIC STORAGE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PUBLIC STORAGE PRFO has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and PUBLIC STORAGE go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and PUBLIC STORAGE
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to generate 1.63 times more return on investment than PUBLIC STORAGE. However, INTERSHOP Communications is 1.63 times more volatile than PUBLIC STORAGE PRFO. It trades about -0.04 of its potential returns per unit of risk. PUBLIC STORAGE PRFO is currently generating about -0.2 per unit of risk. If you would invest 193.00 in INTERSHOP Communications Aktiengesellschaft on September 12, 2024 and sell it today you would lose (3.00) from holding INTERSHOP Communications Aktiengesellschaft or give up 1.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. PUBLIC STORAGE PRFO
Performance |
| Timeline |
| INTERSHOP Communications |
| PUBLIC STORAGE PRFO |
INTERSHOP Communications and PUBLIC STORAGE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and PUBLIC STORAGE
The main advantage of trading using opposite INTERSHOP Communications and PUBLIC STORAGE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, PUBLIC STORAGE 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 PUBLIC STORAGE will offset losses from the drop in PUBLIC STORAGE'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 |
| PUBLIC STORAGE vs. Xtrackers LevDAX | PUBLIC STORAGE vs. Xtrackers ShortDAX | PUBLIC STORAGE vs. Lyxor 1 | PUBLIC STORAGE vs. SIVERS SEMICONDUCTORS AB |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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