Correlation Between Dow Jones and Hugo Boss
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By analyzing existing cross correlation between Dow Jones Industrial and Hugo Boss AG, you can compare the effects of market volatilities on Dow Jones 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 Dow Jones with a short position of Hugo Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dow Jones and Hugo Boss.
Diversification Opportunities for Dow Jones and Hugo Boss
Good diversification
The 3 months correlation between Dow and Hugo is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Dow Jones Industrial 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 Dow Jones 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 Dow Jones Industrial 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 Dow Jones i.e., Dow Jones and Hugo Boss go up and down completely randomly.
Pair Corralation between Dow Jones and Hugo Boss
Assuming the 90 days trading horizon Dow Jones Industrial is expected to generate 0.34 times more return on investment than Hugo Boss. However, Dow Jones Industrial is 2.98 times less risky than Hugo Boss. It trades about 0.08 of its potential returns per unit of risk. Hugo Boss AG is currently generating about -0.01 per unit of risk. If you would invest 3,324,156 in Dow Jones Industrial on September 14, 2024 and sell it today you would earn a total of 1,067,256 from holding Dow Jones Industrial or generate 32.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.82% |
| Values | Daily Returns |
Dow Jones Industrial vs. Hugo Boss AG
Performance |
| Timeline |
Dow Jones and Hugo Boss Volatility Contrast
Predicted Return Density |
| Returns |
Dow Jones Industrial
Pair trading matchups for Dow Jones
Hugo Boss AG
Pair trading matchups for Hugo Boss
Pair Trading with Dow Jones and Hugo Boss
The main advantage of trading using opposite Dow Jones and Hugo Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dow Jones 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.| Dow Jones vs. Hurco Companies | Dow Jones vs. Tyson Foods | Dow Jones vs. MYR Group | Dow Jones vs. Cannae Holdings |
| 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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