Correlation Between MYFAIR GOLD and DAX Index
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By analyzing existing cross correlation between MYFAIR GOLD P and DAX Index, you can compare the effects of market volatilities on MYFAIR GOLD 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 MYFAIR GOLD with a short position of DAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of MYFAIR GOLD and DAX Index.
Diversification Opportunities for MYFAIR GOLD and DAX Index
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MYFAIR and DAX is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding MYFAIR GOLD P and DAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DAX Index and MYFAIR GOLD 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 MYFAIR GOLD P 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 MYFAIR GOLD i.e., MYFAIR GOLD and DAX Index go up and down completely randomly.
Pair Corralation between MYFAIR GOLD and DAX Index
Assuming the 90 days horizon MYFAIR GOLD is expected to generate 3.45 times less return on investment than DAX Index. In addition to that, MYFAIR GOLD is 3.23 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 0.57 per unit of volatility. If you would invest 2,002,466 in DAX Index on November 3, 2024 and sell it today you would earn a total of 170,739 from holding DAX Index or generate 8.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
MYFAIR GOLD P vs. DAX Index
Performance |
| Timeline |
MYFAIR GOLD and DAX Index Volatility Contrast
Predicted Return Density |
| Returns |
MYFAIR GOLD P
Pair trading matchups for MYFAIR GOLD
DAX Index
Pair trading matchups for DAX Index
Pair Trading with MYFAIR GOLD and DAX Index
The main advantage of trading using opposite MYFAIR GOLD and DAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MYFAIR GOLD 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.| MYFAIR GOLD vs. VITEC SOFTWARE GROUP | MYFAIR GOLD vs. Magic Software Enterprises | MYFAIR GOLD vs. OPERA SOFTWARE | MYFAIR GOLD vs. G III Apparel Group |
| DAX Index vs. BOS BETTER ONLINE | DAX Index vs. CODERE ONLINE LUX | DAX Index vs. Aegean Airlines SA | DAX Index vs. China Eastern Airlines |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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