Correlation Between DAX Index and GRUPO ECOENER
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and GRUPO ECOENER EO, you can compare the effects of market volatilities on DAX Index and GRUPO ECOENER 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 GRUPO ECOENER. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and GRUPO ECOENER.
Diversification Opportunities for DAX Index and GRUPO ECOENER
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DAX and GRUPO is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and GRUPO ECOENER EO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRUPO ECOENER EO 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 GRUPO ECOENER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRUPO ECOENER EO has no effect on the direction of DAX Index i.e., DAX Index and GRUPO ECOENER go up and down completely randomly.
Pair Corralation between DAX Index and GRUPO ECOENER
Assuming the 90 days trading horizon DAX Index is expected to generate 1.42 times less return on investment than GRUPO ECOENER. But when comparing it to its historical volatility, DAX Index is 1.38 times less risky than GRUPO ECOENER. It trades about 0.16 of its potential returns per unit of risk. GRUPO ECOENER EO is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 420.00 in GRUPO ECOENER EO on September 24, 2024 and sell it today you would earn a total of 13.00 from holding GRUPO ECOENER EO or generate 3.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
DAX Index vs. GRUPO ECOENER EO
Performance |
| Timeline |
DAX Index and GRUPO ECOENER Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
GRUPO ECOENER EO
Pair trading matchups for GRUPO ECOENER
Pair Trading with DAX Index and GRUPO ECOENER
The main advantage of trading using opposite DAX Index and GRUPO ECOENER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, GRUPO ECOENER 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 GRUPO ECOENER will offset losses from the drop in GRUPO ECOENER's long position.| DAX Index vs. Seven West Media | DAX Index vs. TERADATA | DAX Index vs. DICKER DATA LTD | DAX Index vs. Datang International Power |
| GRUPO ECOENER vs. Apple Inc | GRUPO ECOENER vs. Apple Inc | GRUPO ECOENER vs. Apple Inc | GRUPO ECOENER 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |