Correlation Between PUBLIC STORAGE and INTERSHOP Communications
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By analyzing existing cross correlation between PUBLIC STORAGE PRFO and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on PUBLIC STORAGE and INTERSHOP Communications 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 PUBLIC STORAGE with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of PUBLIC STORAGE and INTERSHOP Communications.
Diversification Opportunities for PUBLIC STORAGE and INTERSHOP Communications
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between PUBLIC and INTERSHOP is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding PUBLIC STORAGE PRFO and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and PUBLIC STORAGE 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 PUBLIC STORAGE PRFO are associated (or correlated) with INTERSHOP Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERSHOP Communications has no effect on the direction of PUBLIC STORAGE i.e., PUBLIC STORAGE and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between PUBLIC STORAGE and INTERSHOP Communications
Assuming the 90 days trading horizon PUBLIC STORAGE is expected to generate 1.67 times less return on investment than INTERSHOP Communications. But when comparing it to its historical volatility, PUBLIC STORAGE PRFO is 2.67 times less risky than INTERSHOP Communications. It trades about 0.04 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 174.00 in INTERSHOP Communications Aktiengesellschaft on September 12, 2024 and sell it today you would earn a total of 16.00 from holding INTERSHOP Communications Aktiengesellschaft or generate 9.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PUBLIC STORAGE PRFO vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| PUBLIC STORAGE PRFO |
| INTERSHOP Communications |
PUBLIC STORAGE and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PUBLIC STORAGE and INTERSHOP Communications
The main advantage of trading using opposite PUBLIC STORAGE and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PUBLIC STORAGE position performs unexpectedly, INTERSHOP Communications 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 INTERSHOP Communications will offset losses from the drop in INTERSHOP Communications' long position.| PUBLIC STORAGE vs. Xtrackers LevDAX | PUBLIC STORAGE vs. Xtrackers ShortDAX | PUBLIC STORAGE vs. Lyxor 1 | PUBLIC STORAGE vs. SIVERS SEMICONDUCTORS AB |
| INTERSHOP Communications vs. Salesforce | INTERSHOP Communications vs. Superior Plus Corp | INTERSHOP Communications vs. SIVERS SEMICONDUCTORS AB | INTERSHOP Communications 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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