Correlation Between INTERSHOP Communications and CARSALESCOM
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and CARSALESCOM, you can compare the effects of market volatilities on INTERSHOP Communications and CARSALESCOM 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 CARSALESCOM. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and CARSALESCOM.
Diversification Opportunities for INTERSHOP Communications and CARSALESCOM
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between INTERSHOP and CARSALESCOM is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and CARSALESCOM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARSALESCOM 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 CARSALESCOM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARSALESCOM has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and CARSALESCOM go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and CARSALESCOM
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the CARSALESCOM. In addition to that, INTERSHOP Communications is 1.11 times more volatile than CARSALESCOM. It trades about -0.16 of its total potential returns per unit of risk. CARSALESCOM is currently generating about -0.11 per unit of volatility. If you would invest 2,460 in CARSALESCOM on September 13, 2024 and sell it today you would lose (100.00) from holding CARSALESCOM or give up 4.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERSHOP Communications Aktie vs. CARSALESCOM
Performance |
| Timeline |
| INTERSHOP Communications |
| CARSALESCOM |
INTERSHOP Communications and CARSALESCOM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERSHOP Communications and CARSALESCOM
The main advantage of trading using opposite INTERSHOP Communications and CARSALESCOM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, CARSALESCOM 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 CARSALESCOM will offset losses from the drop in CARSALESCOM'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 |
| CARSALESCOM vs. PICKN PAY STORES | CARSALESCOM vs. MI Homes | CARSALESCOM vs. bet at home AG | CARSALESCOM vs. Caseys General Stores |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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