Correlation Between INTERSHOP Communications and Ping An
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Ping An Insurance, you can compare the effects of market volatilities on INTERSHOP Communications and Ping An 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 Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Ping An.
Diversification Opportunities for INTERSHOP Communications and Ping An
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between INTERSHOP and Ping is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Ping An Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Insurance 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 Ping An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ping An Insurance has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Ping An go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Ping An
Assuming the 90 days trading horizon INTERSHOP Communications is expected to generate 1.88 times less return on investment than Ping An. But when comparing it to its historical volatility, INTERSHOP Communications Aktiengesellschaft is 1.63 times less risky than Ping An. It trades about 0.05 of its potential returns per unit of risk. Ping An Insurance is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 510.00 in Ping An Insurance on September 26, 2024 and sell it today you would earn a total of 58.00 from holding Ping An Insurance or generate 11.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
INTERSHOP Communications Aktie vs. Ping An Insurance
Performance |
Timeline |
INTERSHOP Communications |
Ping An Insurance |
INTERSHOP Communications and Ping An Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INTERSHOP Communications and Ping An
The main advantage of trading using opposite INTERSHOP Communications and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Ping An 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 Ping An will offset losses from the drop in Ping An's long position.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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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