Correlation Between DAX Index and CELLULAR GOODS
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By analyzing existing cross correlation between DAX Index and CELLULAR GOODS LS, you can compare the effects of market volatilities on DAX Index and CELLULAR GOODS 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 CELLULAR GOODS. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and CELLULAR GOODS.
Diversification Opportunities for DAX Index and CELLULAR GOODS
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between DAX and CELLULAR is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and CELLULAR GOODS LS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CELLULAR GOODS LS 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 CELLULAR GOODS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CELLULAR GOODS LS has no effect on the direction of DAX Index i.e., DAX Index and CELLULAR GOODS go up and down completely randomly.
Pair Corralation between DAX Index and CELLULAR GOODS
Assuming the 90 days trading horizon DAX Index is expected to generate 1470.6 times less return on investment than CELLULAR GOODS. But when comparing it to its historical volatility, DAX Index is 44.61 times less risky than CELLULAR GOODS. It trades about 0.0 of its potential returns per unit of risk. CELLULAR GOODS LS is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 0.05 in CELLULAR GOODS LS on October 11, 2024 and sell it today you would earn a total of 0.00 from holding CELLULAR GOODS LS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
DAX Index vs. CELLULAR GOODS LS
Performance |
| Timeline |
DAX Index and CELLULAR GOODS Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
CELLULAR GOODS LS
Pair trading matchups for CELLULAR GOODS
Pair Trading with DAX Index and CELLULAR GOODS
The main advantage of trading using opposite DAX Index and CELLULAR GOODS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, CELLULAR GOODS 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 CELLULAR GOODS will offset losses from the drop in CELLULAR GOODS's long position.| DAX Index vs. Scottish Mortgage Investment | DAX Index vs. Keck Seng Investments | DAX Index vs. Lendlease Group | DAX Index vs. FIRST SAVINGS FINL |
| CELLULAR GOODS vs. Northern Data AG | CELLULAR GOODS vs. CNVISION MEDIA | CELLULAR GOODS vs. Hyrican Informationssysteme Aktiengesellschaft | CELLULAR GOODS vs. ZINC MEDIA GR |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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