Correlation Between DAX Index and Boyaa Interactive
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By analyzing existing cross correlation between DAX Index and Boyaa Interactive International, you can compare the effects of market volatilities on DAX Index and Boyaa Interactive 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 Boyaa Interactive. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Boyaa Interactive.
Diversification Opportunities for DAX Index and Boyaa Interactive
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between DAX and Boyaa is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Boyaa Interactive Internationa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boyaa Interactive 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 Boyaa Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boyaa Interactive has no effect on the direction of DAX Index i.e., DAX Index and Boyaa Interactive go up and down completely randomly.
Pair Corralation between DAX Index and Boyaa Interactive
Assuming the 90 days trading horizon DAX Index is expected to generate 27.83 times less return on investment than Boyaa Interactive. But when comparing it to its historical volatility, DAX Index is 7.22 times less risky than Boyaa Interactive. It trades about 0.03 of its potential returns per unit of risk. Boyaa Interactive International is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 23.00 in Boyaa Interactive International on August 26, 2024 and sell it today you would earn a total of 30.00 from holding Boyaa Interactive International or generate 130.43% 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. Boyaa Interactive Internationa
Performance |
| Timeline |
DAX Index and Boyaa Interactive Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Boyaa Interactive International
Pair trading matchups for Boyaa Interactive
Pair Trading with DAX Index and Boyaa Interactive
The main advantage of trading using opposite DAX Index and Boyaa Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Boyaa Interactive 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 Boyaa Interactive will offset losses from the drop in Boyaa Interactive's long position.| DAX Index vs. Vishay Intertechnology | DAX Index vs. CHINA EDUCATION GROUP | DAX Index vs. Casio Computer CoLtd | DAX Index vs. Amkor Technology |
| Boyaa Interactive vs. AAC TECHNOLOGHLDGADR | Boyaa Interactive vs. Uber Technologies | Boyaa Interactive vs. Digilife Technologies Limited | Boyaa Interactive vs. Norwegian Air Shuttle |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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