Correlation Between DAX Index and HYGEIA HC
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and HYGEIA HC HLDGS, you can compare the effects of market volatilities on DAX Index and HYGEIA HC 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 HYGEIA HC. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and HYGEIA HC.
Diversification Opportunities for DAX Index and HYGEIA HC
Weak diversification
The 3 months correlation between DAX and HYGEIA is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and HYGEIA HC HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HYGEIA HC HLDGS 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 HYGEIA HC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HYGEIA HC HLDGS has no effect on the direction of DAX Index i.e., DAX Index and HYGEIA HC go up and down completely randomly.
Pair Corralation between DAX Index and HYGEIA HC
Assuming the 90 days trading horizon DAX Index is expected to generate 0.17 times more return on investment than HYGEIA HC. However, DAX Index is 5.88 times less risky than HYGEIA HC. It trades about 0.04 of its potential returns per unit of risk. HYGEIA HC HLDGS is currently generating about -0.09 per unit of risk. If you would invest 1,860,816 in DAX Index on August 30, 2024 and sell it today you would earn a total of 81,757 from holding DAX Index or generate 4.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. HYGEIA HC HLDGS
Performance |
| Timeline |
DAX Index and HYGEIA HC Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
HYGEIA HC HLDGS
Pair trading matchups for HYGEIA HC
Pair Trading with DAX Index and HYGEIA HC
The main advantage of trading using opposite DAX Index and HYGEIA HC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, HYGEIA HC 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 HYGEIA HC will offset losses from the drop in HYGEIA HC's long position.| DAX Index vs. NEWELL RUBBERMAID | DAX Index vs. APPLIED MATERIALS | DAX Index vs. Compagnie Plastic Omnium | DAX Index vs. Vulcan Materials |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |