Correlation Between TRADEDOUBLER and INTERSHOP Communications
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By analyzing existing cross correlation between TRADEDOUBLER AB SK and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on TRADEDOUBLER 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 TRADEDOUBLER with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of TRADEDOUBLER and INTERSHOP Communications.
Diversification Opportunities for TRADEDOUBLER and INTERSHOP Communications
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between TRADEDOUBLER and INTERSHOP is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding TRADEDOUBLER AB SK and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and TRADEDOUBLER 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 TRADEDOUBLER AB SK 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 TRADEDOUBLER i.e., TRADEDOUBLER and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between TRADEDOUBLER and INTERSHOP Communications
Assuming the 90 days horizon TRADEDOUBLER AB SK is expected to generate 1.88 times more return on investment than INTERSHOP Communications. However, TRADEDOUBLER is 1.88 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about 0.02 of its potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about -0.16 per unit of risk. If you would invest 26.00 in TRADEDOUBLER AB SK on September 13, 2024 and sell it today you would earn a total of 0.00 from holding TRADEDOUBLER AB SK or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TRADEDOUBLER AB SK vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| TRADEDOUBLER AB SK |
| INTERSHOP Communications |
TRADEDOUBLER and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TRADEDOUBLER and INTERSHOP Communications
The main advantage of trading using opposite TRADEDOUBLER and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TRADEDOUBLER 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.| TRADEDOUBLER vs. Superior Plus Corp | TRADEDOUBLER vs. SIVERS SEMICONDUCTORS AB | TRADEDOUBLER vs. NorAm Drilling AS | TRADEDOUBLER vs. Norsk Hydro ASA |
| 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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