Correlation Between INTERSHOP Communications and Lion One
Specify exactly 2 symbols:
By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Lion One Metals, you can compare the effects of market volatilities on INTERSHOP Communications and Lion One 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 Lion One. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Lion One.
Diversification Opportunities for INTERSHOP Communications and Lion One
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between INTERSHOP and Lion is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Lion One Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lion One Metals 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 Lion One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lion One Metals has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Lion One go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Lion One
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the Lion One. But the stock apears to be less risky and, when comparing its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.52 times less risky than Lion One. The stock trades about -0.13 of its potential returns per unit of risk. The Lion One Metals is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 18.00 in Lion One Metals on July 7, 2024 and sell it today you would earn a total of 3.00 from holding Lion One Metals or generate 16.67% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.65% |
Values | Daily Returns |
INTERSHOP Communications Aktie vs. Lion One Metals
Performance |
Timeline |
INTERSHOP Communications |
Lion One Metals |
INTERSHOP Communications and Lion One Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INTERSHOP Communications and Lion One
The main advantage of trading using opposite INTERSHOP Communications and Lion One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Lion One 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 Lion One will offset losses from the drop in Lion One's long position.INTERSHOP Communications vs. Salesforce | INTERSHOP Communications vs. Uber Technologies | INTERSHOP Communications vs. Superior Plus Corp | INTERSHOP Communications vs. NMI Holdings |
Lion One vs. Sanyo Chemical Industries | Lion One vs. INDO RAMA SYNTHETIC | Lion One vs. AVITA Medical | Lion One vs. Apyx Medical Corp |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories |