Correlation Between DAX Index and WAGNERS HOLDING
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By analyzing existing cross correlation between DAX Index and WAGNERS HOLDING LTD, you can compare the effects of market volatilities on DAX Index and WAGNERS HOLDING 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 WAGNERS HOLDING. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and WAGNERS HOLDING.
Diversification Opportunities for DAX Index and WAGNERS HOLDING
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between DAX and WAGNERS is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and WAGNERS HOLDING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WAGNERS HOLDING LTD 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 WAGNERS HOLDING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WAGNERS HOLDING LTD has no effect on the direction of DAX Index i.e., DAX Index and WAGNERS HOLDING go up and down completely randomly.
Pair Corralation between DAX Index and WAGNERS HOLDING
Assuming the 90 days trading horizon DAX Index is expected to under-perform the WAGNERS HOLDING. But the index apears to be less risky and, when comparing its historical volatility, DAX Index is 1.71 times less risky than WAGNERS HOLDING. The index trades about -0.08 of its potential returns per unit of risk. The WAGNERS HOLDING LTD is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 81.00 in WAGNERS HOLDING LTD on October 14, 2024 and sell it today you would earn a total of 1.00 from holding WAGNERS HOLDING LTD or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. WAGNERS HOLDING LTD
Performance |
| Timeline |
DAX Index and WAGNERS HOLDING Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
WAGNERS HOLDING LTD
Pair trading matchups for WAGNERS HOLDING
Pair Trading with DAX Index and WAGNERS HOLDING
The main advantage of trading using opposite DAX Index and WAGNERS HOLDING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, WAGNERS HOLDING 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 WAGNERS HOLDING will offset losses from the drop in WAGNERS HOLDING's long position.| DAX Index vs. The Japan Steel | DAX Index vs. Khiron Life Sciences | DAX Index vs. TRADELINK ELECTRON | DAX Index vs. Tradegate AG Wertpapierhandelsbank |
| WAGNERS HOLDING vs. Daikin IndustriesLtd | WAGNERS HOLDING vs. Vulcan Materials | WAGNERS HOLDING vs. Anhui Conch Cement | WAGNERS HOLDING vs. Heidelberg Materials AG |
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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