Correlation Between DAX Index and OURGAME INTHOLDL-00005

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Can any of the company-specific risk be diversified away by investing in both DAX Index and OURGAME INTHOLDL-00005 at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining DAX Index and OURGAME INTHOLDL-00005 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DAX Index and OURGAME INTHOLDL 00005, you can compare the effects of market volatilities on DAX Index and OURGAME INTHOLDL-00005 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 OURGAME INTHOLDL-00005. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and OURGAME INTHOLDL-00005.

Diversification Opportunities for DAX Index and OURGAME INTHOLDL-00005

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between DAX and OURGAME is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and OURGAME INTHOLDL 00005 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OURGAME INTHOLDL 00005 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 OURGAME INTHOLDL-00005. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OURGAME INTHOLDL 00005 has no effect on the direction of DAX Index i.e., DAX Index and OURGAME INTHOLDL-00005 go up and down completely randomly.
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Pair Corralation between DAX Index and OURGAME INTHOLDL-00005

If you would invest  1.60  in OURGAME INTHOLDL 00005 on August 28, 2024 and sell it today you would earn a total of  0.00  from holding OURGAME INTHOLDL 00005 or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy90.91%
ValuesDaily Returns

DAX Index  vs.  OURGAME INTHOLDL 00005

 Performance 
       Timeline  

DAX Index and OURGAME INTHOLDL-00005 Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with DAX Index and OURGAME INTHOLDL-00005

The main advantage of trading using opposite DAX Index and OURGAME INTHOLDL-00005 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, OURGAME INTHOLDL-00005 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 OURGAME INTHOLDL-00005 will offset losses from the drop in OURGAME INTHOLDL-00005's long position.
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The idea behind DAX Index and OURGAME INTHOLDL 00005 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.

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