Correlation Between DAX Index and Wenzhou Kangning
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By analyzing existing cross correlation between DAX Index and Wenzhou Kangning Hospital, you can compare the effects of market volatilities on DAX Index and Wenzhou Kangning 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 Wenzhou Kangning. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Wenzhou Kangning.
Diversification Opportunities for DAX Index and Wenzhou Kangning
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DAX and Wenzhou is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Wenzhou Kangning Hospital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wenzhou Kangning Hospital 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 Wenzhou Kangning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wenzhou Kangning Hospital has no effect on the direction of DAX Index i.e., DAX Index and Wenzhou Kangning go up and down completely randomly.
Pair Corralation between DAX Index and Wenzhou Kangning
If you would invest 1,990,608 in DAX Index on November 4, 2024 and sell it today you would earn a total of 182,597 from holding DAX Index or generate 9.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
DAX Index vs. Wenzhou Kangning Hospital
Performance |
| Timeline |
DAX Index and Wenzhou Kangning Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Wenzhou Kangning Hospital
Pair trading matchups for Wenzhou Kangning
Pair Trading with DAX Index and Wenzhou Kangning
The main advantage of trading using opposite DAX Index and Wenzhou Kangning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Wenzhou Kangning 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 Wenzhou Kangning will offset losses from the drop in Wenzhou Kangning's long position.| DAX Index vs. SOEDER SPORTFISKE AB | DAX Index vs. Zoom Video Communications | DAX Index vs. Yuexiu Transport Infrastructure | DAX Index vs. Ribbon Communications |
| Wenzhou Kangning vs. Sunny Optical Technology | Wenzhou Kangning vs. Sunstone Hotel Investors | Wenzhou Kangning vs. Xenia Hotels Resorts | Wenzhou Kangning vs. Easy Software AG |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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