Correlation Between Xtrackers ShortDAX and Hapag Lloyd
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By analyzing existing cross correlation between Xtrackers ShortDAX and Hapag Lloyd AG, you can compare the effects of market volatilities on Xtrackers ShortDAX and Hapag Lloyd 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 Hapag Lloyd. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtrackers ShortDAX and Hapag Lloyd.
Diversification Opportunities for Xtrackers ShortDAX and Hapag Lloyd
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Xtrackers and Hapag is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Xtrackers ShortDAX and Hapag Lloyd AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hapag Lloyd 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 Hapag Lloyd. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hapag Lloyd AG has no effect on the direction of Xtrackers ShortDAX i.e., Xtrackers ShortDAX and Hapag Lloyd go up and down completely randomly.
Pair Corralation between Xtrackers ShortDAX and Hapag Lloyd
Assuming the 90 days trading horizon Xtrackers ShortDAX is expected to generate 0.46 times more return on investment than Hapag Lloyd. However, Xtrackers ShortDAX is 2.17 times less risky than Hapag Lloyd. It trades about -0.1 of its potential returns per unit of risk. Hapag Lloyd AG is currently generating about -0.1 per unit of risk. If you would invest 85.00 in Xtrackers ShortDAX on September 2, 2024 and sell it today you would lose (3.00) from holding Xtrackers ShortDAX or give up 3.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xtrackers ShortDAX vs. Hapag Lloyd AG
Performance |
| Timeline |
| Xtrackers ShortDAX |
| Hapag Lloyd AG |
Xtrackers ShortDAX and Hapag Lloyd Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtrackers ShortDAX and Hapag Lloyd
The main advantage of trading using opposite Xtrackers ShortDAX and Hapag Lloyd positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtrackers ShortDAX position performs unexpectedly, Hapag Lloyd 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 Hapag Lloyd will offset losses from the drop in Hapag Lloyd'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 |
| Hapag Lloyd vs. XLMedia PLC | Hapag Lloyd vs. Applied Materials | Hapag Lloyd vs. GOODYEAR T RUBBER | Hapag Lloyd vs. Tencent Music Entertainment |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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