Correlation Between DAX Index and Khiron Life
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By analyzing existing cross correlation between DAX Index and Khiron Life Sciences, you can compare the effects of market volatilities on DAX Index and Khiron Life 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 Khiron Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Khiron Life.
Diversification Opportunities for DAX Index and Khiron Life
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DAX and Khiron is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Khiron Life Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Khiron Life Sciences 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 Khiron Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Khiron Life Sciences has no effect on the direction of DAX Index i.e., DAX Index and Khiron Life go up and down completely randomly.
Pair Corralation between DAX Index and Khiron Life
If you would invest 1,598,996 in DAX Index on August 31, 2024 and sell it today you would earn a total of 363,649 from holding DAX Index or generate 22.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.74% |
| Values | Daily Returns |
DAX Index vs. Khiron Life Sciences
Performance |
| Timeline |
DAX Index and Khiron Life Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Khiron Life Sciences
Pair trading matchups for Khiron Life
Pair Trading with DAX Index and Khiron Life
The main advantage of trading using opposite DAX Index and Khiron Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Khiron Life 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 Khiron Life will offset losses from the drop in Khiron Life's long position.| DAX Index vs. Magnachip Semiconductor | DAX Index vs. Taiwan Semiconductor Manufacturing | DAX Index vs. Broadcom | DAX Index vs. MagnaChip Semiconductor Corp |
| Khiron Life vs. LPKF Laser Electronics | Khiron Life vs. Penn National Gaming | Khiron Life vs. STMICROELECTRONICS | Khiron Life vs. UET United Electronic |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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