Correlation Between PLAYMATES TOYS and DAX Index
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By analyzing existing cross correlation between PLAYMATES TOYS and DAX Index, you can compare the effects of market volatilities on PLAYMATES TOYS 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 PLAYMATES TOYS with a short position of DAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of PLAYMATES TOYS and DAX Index.
Diversification Opportunities for PLAYMATES TOYS and DAX Index
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PLAYMATES and DAX is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding PLAYMATES TOYS and DAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DAX Index and PLAYMATES TOYS 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 PLAYMATES TOYS 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 PLAYMATES TOYS i.e., PLAYMATES TOYS and DAX Index go up and down completely randomly.
Pair Corralation between PLAYMATES TOYS and DAX Index
Assuming the 90 days trading horizon PLAYMATES TOYS is expected to generate 7.5 times more return on investment than DAX Index. However, PLAYMATES TOYS is 7.5 times more volatile than DAX Index. It trades about 0.08 of its potential returns per unit of risk. DAX Index is currently generating about 0.08 per unit of risk. If you would invest 1.43 in PLAYMATES TOYS on October 13, 2024 and sell it today you would earn a total of 5.17 from holding PLAYMATES TOYS or generate 361.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PLAYMATES TOYS vs. DAX Index
Performance |
| Timeline |
PLAYMATES TOYS and DAX Index Volatility Contrast
Predicted Return Density |
| Returns |
PLAYMATES TOYS
Pair trading matchups for PLAYMATES TOYS
DAX Index
Pair trading matchups for DAX Index
Pair Trading with PLAYMATES TOYS and DAX Index
The main advantage of trading using opposite PLAYMATES TOYS and DAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PLAYMATES TOYS 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.| PLAYMATES TOYS vs. Titan Machinery | PLAYMATES TOYS vs. Australian Agricultural | PLAYMATES TOYS vs. LANDSEA GREEN MANAGEMENT | PLAYMATES TOYS vs. Federal Agricultural Mortgage |
| DAX Index vs. CAIRN HOMES EO | DAX Index vs. Forsys Metals Corp | DAX Index vs. Taylor Morrison Home | DAX Index vs. Hisense Home Appliances |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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