Correlation Between DAX Index and MAINZ BIOMED
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By analyzing existing cross correlation between DAX Index and MAINZ BIOMED BV, you can compare the effects of market volatilities on DAX Index and MAINZ BIOMED 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 MAINZ BIOMED. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and MAINZ BIOMED.
Diversification Opportunities for DAX Index and MAINZ BIOMED
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DAX and MAINZ is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and MAINZ BIOMED BV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAINZ BIOMED BV 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 MAINZ BIOMED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAINZ BIOMED BV has no effect on the direction of DAX Index i.e., DAX Index and MAINZ BIOMED go up and down completely randomly.
Pair Corralation between DAX Index and MAINZ BIOMED
Assuming the 90 days trading horizon DAX Index is expected to generate 0.07 times more return on investment than MAINZ BIOMED. However, DAX Index is 14.29 times less risky than MAINZ BIOMED. It trades about 0.13 of its potential returns per unit of risk. MAINZ BIOMED BV is currently generating about -0.01 per unit of risk. If you would invest 1,590,133 in DAX Index on September 15, 2024 and sell it today you would earn a total of 450,459 from holding DAX Index or generate 28.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.64% |
| Values | Daily Returns |
DAX Index vs. MAINZ BIOMED BV
Performance |
| Timeline |
DAX Index and MAINZ BIOMED Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
MAINZ BIOMED BV
Pair trading matchups for MAINZ BIOMED
Pair Trading with DAX Index and MAINZ BIOMED
The main advantage of trading using opposite DAX Index and MAINZ BIOMED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, MAINZ BIOMED 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 MAINZ BIOMED will offset losses from the drop in MAINZ BIOMED's long position.| DAX Index vs. Flutter Entertainment PLC | DAX Index vs. LG Display Co | DAX Index vs. TOWNSQUARE MEDIA INC | DAX Index vs. Prosiebensat 1 Media |
| MAINZ BIOMED vs. Apple Inc | MAINZ BIOMED vs. Apple Inc | MAINZ BIOMED vs. Apple Inc | MAINZ BIOMED vs. Apple Inc |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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