Correlation Between DAX Index and KALRAY SA
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By analyzing existing cross correlation between DAX Index and KALRAY SA EO, you can compare the effects of market volatilities on DAX Index and KALRAY SA 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 KALRAY SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and KALRAY SA.
Diversification Opportunities for DAX Index and KALRAY SA
Very good diversification
The 3 months correlation between DAX and KALRAY is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and KALRAY SA EO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KALRAY SA EO 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 KALRAY SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KALRAY SA EO has no effect on the direction of DAX Index i.e., DAX Index and KALRAY SA go up and down completely randomly.
Pair Corralation between DAX Index and KALRAY SA
Assuming the 90 days trading horizon DAX Index is expected to generate 0.11 times more return on investment than KALRAY SA. However, DAX Index is 9.01 times less risky than KALRAY SA. It trades about 0.54 of its potential returns per unit of risk. KALRAY SA EO is currently generating about -0.28 per unit of risk. If you would invest 1,998,432 in DAX Index on October 25, 2024 and sell it today you would earn a total of 126,995 from holding DAX Index or generate 6.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
DAX Index vs. KALRAY SA EO
Performance |
| Timeline |
DAX Index and KALRAY SA Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
KALRAY SA EO
Pair trading matchups for KALRAY SA
Pair Trading with DAX Index and KALRAY SA
The main advantage of trading using opposite DAX Index and KALRAY SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, KALRAY SA 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 KALRAY SA will offset losses from the drop in KALRAY SA's long position.| DAX Index vs. Retail Estates NV | DAX Index vs. AEON STORES | DAX Index vs. BJs Wholesale Club | DAX Index vs. Nanjing Panda Electronics |
| KALRAY SA vs. TERADATA | KALRAY SA vs. CN DATANG C | KALRAY SA vs. SCANDMEDICAL SOLDK 040 | KALRAY SA vs. Genertec Universal Medical |
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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