Correlation Between INTERSHOP Communications and TRADEDOUBLER
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and TRADEDOUBLER AB SK, you can compare the effects of market volatilities on INTERSHOP Communications and TRADEDOUBLER 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 TRADEDOUBLER. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and TRADEDOUBLER.
Diversification Opportunities for INTERSHOP Communications and TRADEDOUBLER
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between INTERSHOP and TRADEDOUBLER is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and TRADEDOUBLER AB SK in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRADEDOUBLER AB SK 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 TRADEDOUBLER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRADEDOUBLER AB SK has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and TRADEDOUBLER go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and TRADEDOUBLER
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to generate 0.61 times more return on investment than TRADEDOUBLER. However, INTERSHOP Communications Aktiengesellschaft is 1.63 times less risky than TRADEDOUBLER. It trades about 0.09 of its potential returns per unit of risk. TRADEDOUBLER AB SK is currently generating about -0.01 per unit of risk. If you would invest 167.00 in INTERSHOP Communications Aktiengesellschaft on September 13, 2024 and sell it today you would earn a total of 14.00 from holding INTERSHOP Communications Aktiengesellschaft or generate 8.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. TRADEDOUBLER AB SK
Performance |
| Timeline |
| INTERSHOP Communications |
| TRADEDOUBLER AB SK |
INTERSHOP Communications and TRADEDOUBLER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and TRADEDOUBLER
The main advantage of trading using opposite INTERSHOP Communications and TRADEDOUBLER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, TRADEDOUBLER 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 TRADEDOUBLER will offset losses from the drop in TRADEDOUBLER'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 |
| TRADEDOUBLER vs. Superior Plus Corp | TRADEDOUBLER vs. SIVERS SEMICONDUCTORS AB | TRADEDOUBLER vs. NorAm Drilling AS | TRADEDOUBLER vs. Norsk Hydro ASA |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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