Correlation Between Canon Marketing and SDAX Index
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By analyzing existing cross correlation between Canon Marketing Japan and SDAX Index, you can compare the effects of market volatilities on Canon Marketing and SDAX 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 Canon Marketing with a short position of SDAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canon Marketing and SDAX Index.
Diversification Opportunities for Canon Marketing and SDAX Index
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Canon and SDAX is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Canon Marketing Japan and SDAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SDAX Index and Canon Marketing 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 Canon Marketing Japan are associated (or correlated) with SDAX Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SDAX Index has no effect on the direction of Canon Marketing i.e., Canon Marketing and SDAX Index go up and down completely randomly.
Pair Corralation between Canon Marketing and SDAX Index
Assuming the 90 days horizon Canon Marketing Japan is expected to generate 1.1 times more return on investment than SDAX Index. However, Canon Marketing is 1.1 times more volatile than SDAX Index. It trades about 0.31 of its potential returns per unit of risk. SDAX Index is currently generating about 0.07 per unit of risk. If you would invest 2,780 in Canon Marketing Japan on September 1, 2024 and sell it today you would earn a total of 220.00 from holding Canon Marketing Japan or generate 7.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Canon Marketing Japan vs. SDAX Index
Performance |
| Timeline |
Canon Marketing and SDAX Index Volatility Contrast
Predicted Return Density |
| Returns |
Canon Marketing Japan
Pair trading matchups for Canon Marketing
SDAX Index
Pair trading matchups for SDAX Index
Pair Trading with Canon Marketing and SDAX Index
The main advantage of trading using opposite Canon Marketing and SDAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canon Marketing position performs unexpectedly, SDAX 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 SDAX Index will offset losses from the drop in SDAX Index's long position.| Canon Marketing vs. Canon Inc | Canon Marketing vs. Ricoh Company | Canon Marketing vs. Herman Miller | Canon Marketing vs. HNI Corporation |
| SDAX Index vs. National Retail Properties | SDAX Index vs. Canon Marketing Japan | SDAX Index vs. SERI INDUSTRIAL EO | SDAX Index vs. GREENX METALS LTD |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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