Correlation Between DAX Index and SOEDER SPORTFISKE
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By analyzing existing cross correlation between DAX Index and SOEDER SPORTFISKE AB, you can compare the effects of market volatilities on DAX Index and SOEDER SPORTFISKE 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 SOEDER SPORTFISKE. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and SOEDER SPORTFISKE.
Diversification Opportunities for DAX Index and SOEDER SPORTFISKE
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between DAX and SOEDER is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and SOEDER SPORTFISKE AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOEDER SPORTFISKE 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 SOEDER SPORTFISKE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOEDER SPORTFISKE has no effect on the direction of DAX Index i.e., DAX Index and SOEDER SPORTFISKE go up and down completely randomly.
Pair Corralation between DAX Index and SOEDER SPORTFISKE
Assuming the 90 days trading horizon DAX Index is expected to generate 3.0 times less return on investment than SOEDER SPORTFISKE. But when comparing it to its historical volatility, DAX Index is 5.08 times less risky than SOEDER SPORTFISKE. It trades about 0.09 of its potential returns per unit of risk. SOEDER SPORTFISKE AB is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 125.00 in SOEDER SPORTFISKE AB on October 27, 2024 and sell it today you would earn a total of 124.00 from holding SOEDER SPORTFISKE AB or generate 99.2% 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. SOEDER SPORTFISKE AB
Performance |
| Timeline |
DAX Index and SOEDER SPORTFISKE Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
SOEDER SPORTFISKE AB
Pair trading matchups for SOEDER SPORTFISKE
Pair Trading with DAX Index and SOEDER SPORTFISKE
The main advantage of trading using opposite DAX Index and SOEDER SPORTFISKE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, SOEDER SPORTFISKE 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 SOEDER SPORTFISKE will offset losses from the drop in SOEDER SPORTFISKE's long position.| DAX Index vs. Q2M Managementberatung AG | DAX Index vs. Cleanaway Waste Management | DAX Index vs. Fukuyama Transporting Co | DAX Index vs. Ares Management Corp |
| SOEDER SPORTFISKE vs. Hyatt Hotels | SOEDER SPORTFISKE vs. Sunstone Hotel Investors | SOEDER SPORTFISKE vs. 24SEVENOFFICE GROUP AB | SOEDER SPORTFISKE vs. Summit Hotel Properties |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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