Correlation Between DAX Index and CIG PANNONIA
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By analyzing existing cross correlation between DAX Index and CIG PANNONIA LIFE, you can compare the effects of market volatilities on DAX Index and CIG PANNONIA 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 DAX Index with a short position of CIG PANNONIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and CIG PANNONIA.
Diversification Opportunities for DAX Index and CIG PANNONIA
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DAX and CIG is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and CIG PANNONIA LIFE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIG PANNONIA LIFE and DAX Index 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 DAX Index are associated (or correlated) with CIG PANNONIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIG PANNONIA LIFE has no effect on the direction of DAX Index i.e., DAX Index and CIG PANNONIA go up and down completely randomly.
Pair Corralation between DAX Index and CIG PANNONIA
Assuming the 90 days trading horizon DAX Index is expected to generate 2.18 times less return on investment than CIG PANNONIA. But when comparing it to its historical volatility, DAX Index is 2.11 times less risky than CIG PANNONIA. It trades about 0.52 of its potential returns per unit of risk. CIG PANNONIA LIFE is currently generating about 0.54 of returns per unit of risk over similar time horizon. If you would invest 84.00 in CIG PANNONIA LIFE on October 24, 2024 and sell it today you would earn a total of 12.00 from holding CIG PANNONIA LIFE or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
DAX Index vs. CIG PANNONIA LIFE
Performance |
| Timeline |
DAX Index and CIG PANNONIA Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
CIG PANNONIA LIFE
Pair trading matchups for CIG PANNONIA
Pair Trading with DAX Index and CIG PANNONIA
The main advantage of trading using opposite DAX Index and CIG PANNONIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, CIG PANNONIA 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 CIG PANNONIA will offset losses from the drop in CIG PANNONIA's long position.| DAX Index vs. United Natural Foods | DAX Index vs. Salesforce | DAX Index vs. Maple Leaf Foods | DAX Index vs. MUTUIONLINE |
| CIG PANNONIA vs. AUTO TRADER ADR | CIG PANNONIA vs. Indutrade AB | CIG PANNONIA vs. Tradegate AG Wertpapierhandelsbank | CIG PANNONIA vs. MeVis Medical Solutions |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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