Correlation Between DAX Index and Axonics
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By analyzing existing cross correlation between DAX Index and Axonics, you can compare the effects of market volatilities on DAX Index and Axonics 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 Axonics. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Axonics.
Diversification Opportunities for DAX Index and Axonics
Weak diversification
The 3 months correlation between DAX and Axonics is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Axonics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axonics 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 Axonics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axonics has no effect on the direction of DAX Index i.e., DAX Index and Axonics go up and down completely randomly.
Pair Corralation between DAX Index and Axonics
Assuming the 90 days trading horizon DAX Index is expected to generate 0.32 times more return on investment than Axonics. However, DAX Index is 3.09 times less risky than Axonics. It trades about 0.05 of its potential returns per unit of risk. Axonics is currently generating about -0.01 per unit of risk. If you would invest 1,925,734 in DAX Index on August 31, 2024 and sell it today you would earn a total of 16,839 from holding DAX Index or generate 0.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 63.64% |
| Values | Daily Returns |
DAX Index vs. Axonics
Performance |
| Timeline |
DAX Index and Axonics Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Axonics
Pair trading matchups for Axonics
Pair Trading with DAX Index and Axonics
The main advantage of trading using opposite DAX Index and Axonics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Axonics 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 Axonics will offset losses from the drop in Axonics' long position.| DAX Index vs. Magnachip Semiconductor | DAX Index vs. Taiwan Semiconductor Manufacturing | DAX Index vs. Broadcom | DAX Index vs. MagnaChip Semiconductor Corp |
| Axonics vs. BYD ELECTRONIC | Axonics vs. LION ONE METALS | Axonics vs. UNITED RENTALS | Axonics vs. GALENA MINING 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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