Correlation Between INTERSHOP Communications and Agilent Technologies
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By analyzing existing cross correlation between INTERSHOP Communications Aktiengesellschaft and Agilent Technologies, you can compare the effects of market volatilities on INTERSHOP Communications and Agilent Technologies 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 Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERSHOP Communications and Agilent Technologies.
Diversification Opportunities for INTERSHOP Communications and Agilent Technologies
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between INTERSHOP and Agilent is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding INTERSHOP Communications Aktie and Agilent Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies 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 Agilent Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilent Technologies has no effect on the direction of INTERSHOP Communications i.e., INTERSHOP Communications and Agilent Technologies go up and down completely randomly.
Pair Corralation between INTERSHOP Communications and Agilent Technologies
Assuming the 90 days trading horizon INTERSHOP Communications Aktiengesellschaft is expected to under-perform the Agilent Technologies. In addition to that, INTERSHOP Communications is 3.29 times more volatile than Agilent Technologies. It trades about -0.08 of its total potential returns per unit of risk. Agilent Technologies is currently generating about -0.24 per unit of volatility. If you would invest 13,522 in Agilent Technologies on October 10, 2024 and sell it today you would lose (446.00) from holding Agilent Technologies or give up 3.3% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
INTERSHOP Communications Aktie vs. Agilent Technologies
Performance |
Timeline |
INTERSHOP Communications |
Agilent Technologies |
INTERSHOP Communications and Agilent Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INTERSHOP Communications and Agilent Technologies
The main advantage of trading using opposite INTERSHOP Communications and Agilent Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERSHOP Communications position performs unexpectedly, Agilent Technologies 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 Agilent Technologies will offset losses from the drop in Agilent Technologies' long position.INTERSHOP Communications vs. ZhongAn Online P | INTERSHOP Communications vs. Lamar Advertising | INTERSHOP Communications vs. PREMIER FOODS | INTERSHOP Communications vs. INDOFOOD AGRI RES |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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