Correlation Between Ross Stores and INTERSHOP Communications
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By analyzing existing cross correlation between Ross Stores and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on Ross Stores 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 Ross Stores with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ross Stores and INTERSHOP Communications.
Diversification Opportunities for Ross Stores and INTERSHOP Communications
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Ross and INTERSHOP is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Ross Stores and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and Ross Stores 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 Ross Stores 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 Ross Stores i.e., Ross Stores and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between Ross Stores and INTERSHOP Communications
Assuming the 90 days trading horizon Ross Stores is expected to generate 1.08 times more return on investment than INTERSHOP Communications. However, Ross Stores is 1.08 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.17 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.12 per unit of risk. If you would invest 12,856 in Ross Stores on October 1, 2024 and sell it today you would earn a total of 1,862 from holding Ross Stores or generate 14.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ross Stores vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| Ross Stores |
| INTERSHOP Communications |
Ross Stores and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ross Stores and INTERSHOP Communications
The main advantage of trading using opposite Ross Stores and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ross Stores 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.| Ross Stores vs. TAL Education Group | Ross Stores vs. Grand Canyon Education | Ross Stores vs. GOODYEAR T RUBBER | Ross Stores vs. STRAYER EDUCATION |
| INTERSHOP Communications vs. SAP SE | INTERSHOP Communications vs. Nemetschek AG ON | INTERSHOP Communications vs. Workiva | INTERSHOP Communications vs. TeamViewer 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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