Correlation Between DICKER DATA and DAX Index
Specify exactly 2 symbols:
By analyzing existing cross correlation between DICKER DATA LTD and DAX Index, you can compare the effects of market volatilities on DICKER DATA 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 DICKER DATA with a short position of DAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of DICKER DATA and DAX Index.
Diversification Opportunities for DICKER DATA and DAX Index
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DICKER and DAX is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding DICKER DATA LTD and DAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DAX Index and DICKER DATA 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 DICKER DATA LTD 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 DICKER DATA i.e., DICKER DATA and DAX Index go up and down completely randomly.
Pair Corralation between DICKER DATA and DAX Index
Assuming the 90 days horizon DICKER DATA LTD is expected to generate 2.23 times more return on investment than DAX Index. However, DICKER DATA is 2.23 times more volatile than DAX Index. It trades about 0.11 of its potential returns per unit of risk. DAX Index is currently generating about -0.03 per unit of risk. If you would invest 498.00 in DICKER DATA LTD on October 12, 2024 and sell it today you would earn a total of 12.00 from holding DICKER DATA LTD or generate 2.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
DICKER DATA LTD vs. DAX Index
Performance |
| Timeline |
DICKER DATA and DAX Index Volatility Contrast
Predicted Return Density |
| Returns |
DICKER DATA LTD
Pair trading matchups for DICKER DATA
DAX Index
Pair trading matchups for DAX Index
Pair Trading with DICKER DATA and DAX Index
The main advantage of trading using opposite DICKER DATA and DAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DICKER DATA 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.| DICKER DATA vs. Firan Technology Group | DICKER DATA vs. Wayside Technology Group | DICKER DATA vs. Sunny Optical Technology | DICKER DATA vs. SMA Solar Technology |
| DAX Index vs. Eurasia Mining Plc | DAX Index vs. URBAN OUTFITTERS | DAX Index vs. MCEWEN MINING INC | DAX Index vs. ANGLO ASIAN MINING |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |