Correlation Between AGRICULTBK HADR/25 and DAX Index
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By analyzing existing cross correlation between AGRICULTBK HADR25 YC and DAX Index, you can compare the effects of market volatilities on AGRICULTBK HADR/25 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 AGRICULTBK HADR/25 with a short position of DAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGRICULTBK HADR/25 and DAX Index.
Diversification Opportunities for AGRICULTBK HADR/25 and DAX Index
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between AGRICULTBK and DAX is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding AGRICULTBK HADR25 YC and DAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DAX Index and AGRICULTBK HADR/25 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 AGRICULTBK HADR25 YC 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 AGRICULTBK HADR/25 i.e., AGRICULTBK HADR/25 and DAX Index go up and down completely randomly.
Pair Corralation between AGRICULTBK HADR/25 and DAX Index
Assuming the 90 days trading horizon AGRICULTBK HADR25 YC is expected to generate 2.91 times more return on investment than DAX Index. However, AGRICULTBK HADR/25 is 2.91 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 0.07 per unit of risk. If you would invest 995.00 in AGRICULTBK HADR25 YC on August 25, 2024 and sell it today you would earn a total of 165.00 from holding AGRICULTBK HADR25 YC or generate 16.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGRICULTBK HADR25 YC vs. DAX Index
Performance |
| Timeline |
AGRICULTBK HADR/25 and DAX Index Volatility Contrast
Predicted Return Density |
| Returns |
AGRICULTBK HADR25 YC
Pair trading matchups for AGRICULTBK HADR/25
DAX Index
Pair trading matchups for DAX Index
Pair Trading with AGRICULTBK HADR/25 and DAX Index
The main advantage of trading using opposite AGRICULTBK HADR/25 and DAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGRICULTBK HADR/25 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.| AGRICULTBK HADR/25 vs. The Toronto Dominion Bank | AGRICULTBK HADR/25 vs. Superior Plus Corp | AGRICULTBK HADR/25 vs. NMI Holdings | AGRICULTBK HADR/25 vs. Origin Agritech |
| DAX Index vs. Granite Construction | DAX Index vs. AGRICULTBK HADR25 YC | DAX Index vs. ADRIATIC METALS LS 013355 | DAX Index vs. GREENX METALS LTD |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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