Correlation Between DAX Index and TROPHY GAMES
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By analyzing existing cross correlation between DAX Index and TROPHY GAMES DEV, you can compare the effects of market volatilities on DAX Index and TROPHY GAMES 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 TROPHY GAMES. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and TROPHY GAMES.
Diversification Opportunities for DAX Index and TROPHY GAMES
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DAX and TROPHY is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and TROPHY GAMES DEV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TROPHY GAMES DEV 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 TROPHY GAMES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TROPHY GAMES DEV has no effect on the direction of DAX Index i.e., DAX Index and TROPHY GAMES go up and down completely randomly.
Pair Corralation between DAX Index and TROPHY GAMES
Assuming the 90 days trading horizon DAX Index is expected to generate 0.36 times more return on investment than TROPHY GAMES. However, DAX Index is 2.74 times less risky than TROPHY GAMES. It trades about 0.14 of its potential returns per unit of risk. TROPHY GAMES DEV is currently generating about -0.1 per unit of risk. If you would invest 1,907,754 in DAX Index on September 1, 2024 and sell it today you would earn a total of 54,891 from holding DAX Index or generate 2.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. TROPHY GAMES DEV
Performance |
| Timeline |
DAX Index and TROPHY GAMES Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
TROPHY GAMES DEV
Pair trading matchups for TROPHY GAMES
Pair Trading with DAX Index and TROPHY GAMES
The main advantage of trading using opposite DAX Index and TROPHY GAMES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, TROPHY GAMES 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 TROPHY GAMES will offset losses from the drop in TROPHY GAMES's long position.| DAX Index vs. BE Semiconductor Industries | DAX Index vs. REGAL ASIAN INVESTMENTS | DAX Index vs. SEI INVESTMENTS | DAX Index vs. National Beverage Corp |
| TROPHY GAMES vs. Nintendo Co | TROPHY GAMES vs. Sea Limited | TROPHY GAMES vs. Superior Plus Corp | TROPHY GAMES vs. NMI Holdings |
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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