Correlation Between Xenia Hotels and DAX Index
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By analyzing existing cross correlation between Xenia Hotels Resorts and DAX Index, you can compare the effects of market volatilities on Xenia Hotels and DAX Index 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 Xenia Hotels with a short position of DAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xenia Hotels and DAX Index.
Diversification Opportunities for Xenia Hotels and DAX Index
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xenia and DAX is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Xenia Hotels Resorts and DAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DAX Index and Xenia Hotels 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 Xenia Hotels Resorts are associated (or correlated) with DAX Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DAX Index has no effect on the direction of Xenia Hotels i.e., Xenia Hotels and DAX Index go up and down completely randomly.
Pair Corralation between Xenia Hotels and DAX Index
Assuming the 90 days trading horizon Xenia Hotels is expected to generate 1.28 times less return on investment than DAX Index. In addition to that, Xenia Hotels is 2.53 times more volatile than DAX Index. It trades about 0.05 of its total potential returns per unit of risk. DAX Index is currently generating about 0.16 per unit of volatility. If you would invest 1,832,067 in DAX Index on October 26, 2024 and sell it today you would earn a total of 309,086 from holding DAX Index or generate 16.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xenia Hotels Resorts vs. DAX Index
Performance |
| Timeline |
Xenia Hotels and DAX Index Volatility Contrast
Predicted Return Density |
| Returns |
Xenia Hotels Resorts
Pair trading matchups for Xenia Hotels
DAX Index
Pair trading matchups for DAX Index
Pair Trading with Xenia Hotels and DAX Index
The main advantage of trading using opposite Xenia Hotels and DAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xenia Hotels position performs unexpectedly, DAX Index 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 DAX Index will offset losses from the drop in DAX Index's long position.| Xenia Hotels vs. NTG Nordic Transport | Xenia Hotels vs. TITANIUM TRANSPORTGROUP | Xenia Hotels vs. Broadcom | Xenia Hotels vs. DICKS Sporting Goods |
| DAX Index vs. Xenia Hotels Resorts | DAX Index vs. HYATT HOTELS A | DAX Index vs. Hyatt Hotels | DAX Index vs. Park Hotels Resorts |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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