Correlation Between INTERSHOP Communications and UNIQA INSURANCE
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and UNIQA INSURANCE GR, you can compare the effects of market volatilities on INTERSHOP Communications and UNIQA INSURANCE 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 UNIQA INSURANCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and UNIQA INSURANCE.
Diversification Opportunities for INTERSHOP Communications and UNIQA INSURANCE
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between INTERSHOP and UNIQA is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and UNIQA INSURANCE GR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNIQA INSURANCE GR 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 UNIQA INSURANCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNIQA INSURANCE GR has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and UNIQA INSURANCE go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and UNIQA INSURANCE
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the UNIQA INSURANCE. In addition to that, INTERSHOP Communications is 1.94 times more volatile than UNIQA INSURANCE GR. It trades about -0.04 of its total potential returns per unit of risk. UNIQA INSURANCE GR is currently generating about 0.18 per unit of volatility. If you would invest 725.00 in UNIQA INSURANCE GR on October 24, 2024 and sell it today you would earn a total of 82.00 from holding UNIQA INSURANCE GR or generate 11.31% 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. UNIQA INSURANCE GR
Performance |
| Timeline |
| INTERSHOP Communications |
| UNIQA INSURANCE GR |
INTERSHOP Communications and UNIQA INSURANCE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and UNIQA INSURANCE
The main advantage of trading using opposite INTERSHOP Communications and UNIQA INSURANCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, UNIQA INSURANCE 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 UNIQA INSURANCE will offset losses from the drop in UNIQA INSURANCE's long position.| INTERSHOP Communications vs. Retail Estates NV | INTERSHOP Communications vs. GUARDANT HEALTH CL | INTERSHOP Communications vs. Tencent Music Entertainment | INTERSHOP Communications vs. Molina Healthcare |
| UNIQA INSURANCE vs. China Communications Services | UNIQA INSURANCE vs. SEKISUI CHEMICAL | UNIQA INSURANCE vs. INTERSHOP Communications Aktiengesellschaft | UNIQA INSURANCE vs. Computershare Limited |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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