Correlation Between INTERSHOP Communications and ASURE SOFTWARE
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and ASURE SOFTWARE, you can compare the effects of market volatilities on INTERSHOP Communications and ASURE SOFTWARE 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 ASURE SOFTWARE. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and ASURE SOFTWARE.
Diversification Opportunities for INTERSHOP Communications and ASURE SOFTWARE
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between INTERSHOP and ASURE is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and ASURE SOFTWARE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASURE SOFTWARE 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 ASURE SOFTWARE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASURE SOFTWARE has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and ASURE SOFTWARE go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and ASURE SOFTWARE
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the ASURE SOFTWARE. But the stock apears to be less risky and, when comparing its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.13 times less risky than ASURE SOFTWARE. The stock trades about -0.01 of its potential returns per unit of risk. The ASURE SOFTWARE is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 920.00 in ASURE SOFTWARE on August 31, 2024 and sell it today you would earn a total of 0.00 from holding ASURE SOFTWARE or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. ASURE SOFTWARE
Performance |
| Timeline |
| INTERSHOP Communications |
| ASURE SOFTWARE |
INTERSHOP Communications and ASURE SOFTWARE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and ASURE SOFTWARE
The main advantage of trading using opposite INTERSHOP Communications and ASURE SOFTWARE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, ASURE SOFTWARE 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 ASURE SOFTWARE will offset losses from the drop in ASURE SOFTWARE's long position.| INTERSHOP Communications vs. Aegean Airlines SA | INTERSHOP Communications vs. INTER CARS SA | INTERSHOP Communications vs. Grupo Carso SAB | INTERSHOP Communications vs. United Airlines Holdings |
| ASURE SOFTWARE vs. SIVERS SEMICONDUCTORS AB | ASURE SOFTWARE vs. Darden Restaurants | ASURE SOFTWARE vs. Reliance Steel Aluminum | ASURE SOFTWARE vs. Q2M Managementberatung AG |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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