Correlation Between DAX Index and ENTEQ TECHNOLOGIES
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and ENTEQ TECHNOLOGIES LS 01, you can compare the effects of market volatilities on DAX Index and ENTEQ TECHNOLOGIES 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 ENTEQ TECHNOLOGIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and ENTEQ TECHNOLOGIES.
Diversification Opportunities for DAX Index and ENTEQ TECHNOLOGIES
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between DAX and ENTEQ is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and ENTEQ TECHNOLOGIES LS 01 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENTEQ TECHNOLOGIES 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 ENTEQ TECHNOLOGIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENTEQ TECHNOLOGIES has no effect on the direction of DAX Index i.e., DAX Index and ENTEQ TECHNOLOGIES go up and down completely randomly.
Pair Corralation between DAX Index and ENTEQ TECHNOLOGIES
Assuming the 90 days trading horizon DAX Index is expected to generate 0.12 times more return on investment than ENTEQ TECHNOLOGIES. However, DAX Index is 8.61 times less risky than ENTEQ TECHNOLOGIES. It trades about 0.13 of its potential returns per unit of risk. ENTEQ TECHNOLOGIES LS 01 is currently generating about -0.07 per unit of risk. If you would invest 1,590,133 in DAX Index on September 14, 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 | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. ENTEQ TECHNOLOGIES LS 01
Performance |
| Timeline |
DAX Index and ENTEQ TECHNOLOGIES Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
ENTEQ TECHNOLOGIES LS 01
Pair trading matchups for ENTEQ TECHNOLOGIES
Pair Trading with DAX Index and ENTEQ TECHNOLOGIES
The main advantage of trading using opposite DAX Index and ENTEQ TECHNOLOGIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, ENTEQ TECHNOLOGIES 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 ENTEQ TECHNOLOGIES will offset losses from the drop in ENTEQ TECHNOLOGIES's long position.| DAX Index vs. CARSALESCOM | DAX Index vs. Sumitomo Mitsui Construction | DAX Index vs. H FARM SPA | DAX Index vs. Nufarm Limited |
| ENTEQ TECHNOLOGIES vs. FIREWEED METALS P | ENTEQ TECHNOLOGIES vs. INVITATION HOMES DL | ENTEQ TECHNOLOGIES vs. Kaiser Aluminum | ENTEQ TECHNOLOGIES vs. PARKEN Sport Entertainment |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |