Correlation Between Xtrackers ShortDAX and Qingdao Haier
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By analyzing existing cross correlation between Xtrackers ShortDAX and Qingdao Haier Co, you can compare the effects of market volatilities on Xtrackers ShortDAX and Qingdao Haier 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 Xtrackers ShortDAX with a short position of Qingdao Haier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtrackers ShortDAX and Qingdao Haier.
Diversification Opportunities for Xtrackers ShortDAX and Qingdao Haier
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xtrackers and Qingdao is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Xtrackers ShortDAX and Qingdao Haier Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Haier and Xtrackers ShortDAX 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 Xtrackers ShortDAX are associated (or correlated) with Qingdao Haier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Haier has no effect on the direction of Xtrackers ShortDAX i.e., Xtrackers ShortDAX and Qingdao Haier go up and down completely randomly.
Pair Corralation between Xtrackers ShortDAX and Qingdao Haier
Assuming the 90 days trading horizon Xtrackers ShortDAX is expected to under-perform the Qingdao Haier. In addition to that, Xtrackers ShortDAX is 1.15 times more volatile than Qingdao Haier Co. It trades about -0.1 of its total potential returns per unit of risk. Qingdao Haier Co is currently generating about 0.07 per unit of volatility. If you would invest 173.00 in Qingdao Haier Co on September 2, 2024 and sell it today you would earn a total of 3.00 from holding Qingdao Haier Co or generate 1.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xtrackers ShortDAX vs. Qingdao Haier Co
Performance |
| Timeline |
| Xtrackers ShortDAX |
| Qingdao Haier |
Xtrackers ShortDAX and Qingdao Haier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtrackers ShortDAX and Qingdao Haier
The main advantage of trading using opposite Xtrackers ShortDAX and Qingdao Haier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtrackers ShortDAX position performs unexpectedly, Qingdao Haier 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 Qingdao Haier will offset losses from the drop in Qingdao Haier's long position.| Xtrackers ShortDAX vs. Xtrackers II Global | Xtrackers ShortDAX vs. Xtrackers FTSE | Xtrackers ShortDAX vs. Xtrackers SP 500 | Xtrackers ShortDAX vs. Xtrackers MSCI |
| Qingdao Haier vs. Qingdao Haier Co | Qingdao Haier vs. SEB SA | Qingdao Haier vs. Derwent London PLC | Qingdao Haier vs. Electrolux Professional AB |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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