Correlation Between INTERSHOP Communications and Seabridge Gold
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Seabridge Gold, you can compare the effects of market volatilities on INTERSHOP Communications and Seabridge Gold 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 Seabridge Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Seabridge Gold.
Diversification Opportunities for INTERSHOP Communications and Seabridge Gold
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between INTERSHOP and Seabridge is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Seabridge Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Seabridge Gold 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 Seabridge Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Seabridge Gold has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Seabridge Gold go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Seabridge Gold
Assuming the 90 days trading horizon INTERSHOP Communications is expected to generate 1.43 times less return on investment than Seabridge Gold. But when comparing it to its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.08 times less risky than Seabridge Gold. It trades about 0.02 of its potential returns per unit of risk. Seabridge Gold is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,200 in Seabridge Gold on September 12, 2024 and sell it today you would earn a total of 74.00 from holding Seabridge Gold or generate 6.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.72% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. Seabridge Gold
Performance |
| Timeline |
| INTERSHOP Communications |
| Seabridge Gold |
INTERSHOP Communications and Seabridge Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and Seabridge Gold
The main advantage of trading using opposite INTERSHOP Communications and Seabridge Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Seabridge Gold 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 Seabridge Gold will offset losses from the drop in Seabridge Gold'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 |
| Seabridge Gold vs. INTERSHOP Communications Aktiengesellschaft | Seabridge Gold vs. Cogent Communications Holdings | Seabridge Gold vs. Citic Telecom International | Seabridge Gold vs. Lion One Metals |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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