Correlation Between WillScot Mobile and INTERSHOP Communications
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By analyzing existing cross correlation between WillScot Mobile Mini and INTERSHOP Communications Aktiengesellschaft, you can compare the effects of market volatilities on WillScot Mobile 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 WillScot Mobile with a short position of INTERSHOP Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of WillScot Mobile and INTERSHOP Communications.
Diversification Opportunities for WillScot Mobile and INTERSHOP Communications
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between WillScot and INTERSHOP is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding WillScot Mobile Mini and INTERSHOP Communications Aktie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERSHOP Communications and WillScot Mobile 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 WillScot Mobile Mini 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 WillScot Mobile i.e., WillScot Mobile and INTERSHOP Communications go up and down completely randomly.
Pair Corralation between WillScot Mobile and INTERSHOP Communications
Assuming the 90 days trading horizon WillScot Mobile Mini is expected to under-perform the INTERSHOP Communications. In addition to that, WillScot Mobile is 2.78 times more volatile than INTERSHOP Communications Aktiengesellschaft. It trades about -0.02 of its total potential returns per unit of risk. INTERSHOP Communications Aktiengesellschaft is currently generating about 0.21 per unit of volatility. If you would invest 179.00 in INTERSHOP Communications Aktiengesellschaft on August 25, 2024 and sell it today you would earn a total of 15.00 from holding INTERSHOP Communications Aktiengesellschaft or generate 8.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
WillScot Mobile Mini vs. INTERSHOP Communications Aktie
Performance |
| Timeline |
| WillScot Mobile Mini |
| INTERSHOP Communications |
WillScot Mobile and INTERSHOP Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WillScot Mobile and INTERSHOP Communications
The main advantage of trading using opposite WillScot Mobile and INTERSHOP Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WillScot Mobile 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.| WillScot Mobile vs. CARSALESCOM | WillScot Mobile vs. Japan Post Insurance | WillScot Mobile vs. Ping An Insurance | WillScot Mobile vs. Zurich Insurance Group |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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