Correlation Between Xtrackers ShortDAX and Hugo Boss
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By analyzing existing cross correlation between Xtrackers ShortDAX and Hugo Boss AG, you can compare the effects of market volatilities on Xtrackers ShortDAX and Hugo Boss 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 Hugo Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtrackers ShortDAX and Hugo Boss.
Diversification Opportunities for Xtrackers ShortDAX and Hugo Boss
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xtrackers and Hugo is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Xtrackers ShortDAX and Hugo Boss AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hugo Boss AG 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 Hugo Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hugo Boss AG has no effect on the direction of Xtrackers ShortDAX i.e., Xtrackers ShortDAX and Hugo Boss go up and down completely randomly.
Pair Corralation between Xtrackers ShortDAX and Hugo Boss
Assuming the 90 days trading horizon Xtrackers ShortDAX is expected to under-perform the Hugo Boss. But the etf apears to be less risky and, when comparing its historical volatility, Xtrackers ShortDAX is 2.31 times less risky than Hugo Boss. The etf trades about -0.12 of its potential returns per unit of risk. The Hugo Boss AG is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 3,963 in Hugo Boss AG on September 13, 2024 and sell it today you would earn a total of 239.00 from holding Hugo Boss AG or generate 6.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.73% |
| Values | Daily Returns |
Xtrackers ShortDAX vs. Hugo Boss AG
Performance |
| Timeline |
| Xtrackers ShortDAX |
| Hugo Boss AG |
Xtrackers ShortDAX and Hugo Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtrackers ShortDAX and Hugo Boss
The main advantage of trading using opposite Xtrackers ShortDAX and Hugo Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtrackers ShortDAX position performs unexpectedly, Hugo Boss 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 Hugo Boss will offset losses from the drop in Hugo Boss' long position.| Xtrackers ShortDAX vs. UBS Fund Solutions | Xtrackers ShortDAX vs. Xtrackers II | Xtrackers ShortDAX vs. Xtrackers Nikkei 225 | Xtrackers ShortDAX vs. iShares VII PLC |
| Hugo Boss vs. Superior Plus Corp | Hugo Boss vs. SIVERS SEMICONDUCTORS AB | Hugo Boss vs. Norsk Hydro ASA | Hugo Boss vs. Reliance Steel Aluminum |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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