Correlation Between DAX Index and COREBRIDGE FINANCIAL
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By analyzing existing cross correlation between DAX Index and COREBRIDGE FINANCIAL INC, you can compare the effects of market volatilities on DAX Index and COREBRIDGE FINANCIAL 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 COREBRIDGE FINANCIAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and COREBRIDGE FINANCIAL.
Diversification Opportunities for DAX Index and COREBRIDGE FINANCIAL
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DAX and COREBRIDGE is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and COREBRIDGE FINANCIAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COREBRIDGE FINANCIAL INC 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 COREBRIDGE FINANCIAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COREBRIDGE FINANCIAL INC has no effect on the direction of DAX Index i.e., DAX Index and COREBRIDGE FINANCIAL go up and down completely randomly.
Pair Corralation between DAX Index and COREBRIDGE FINANCIAL
Assuming the 90 days trading horizon DAX Index is expected to under-perform the COREBRIDGE FINANCIAL. But the index apears to be less risky and, when comparing its historical volatility, DAX Index is 1.89 times less risky than COREBRIDGE FINANCIAL. The index trades about -0.09 of its potential returns per unit of risk. The COREBRIDGE FINANCIAL INC is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 2,857 in COREBRIDGE FINANCIAL INC on October 13, 2024 and sell it today you would earn a total of 163.00 from holding COREBRIDGE FINANCIAL INC or generate 5.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. COREBRIDGE FINANCIAL INC
Performance |
| Timeline |
DAX Index and COREBRIDGE FINANCIAL Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
COREBRIDGE FINANCIAL INC
Pair trading matchups for COREBRIDGE FINANCIAL
Pair Trading with DAX Index and COREBRIDGE FINANCIAL
The main advantage of trading using opposite DAX Index and COREBRIDGE FINANCIAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, COREBRIDGE FINANCIAL 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 COREBRIDGE FINANCIAL will offset losses from the drop in COREBRIDGE FINANCIAL's long position.| DAX Index vs. Eurasia Mining Plc | DAX Index vs. URBAN OUTFITTERS | DAX Index vs. MCEWEN MINING INC | DAX Index vs. ANGLO ASIAN MINING |
| COREBRIDGE FINANCIAL vs. Ares Management Corp | COREBRIDGE FINANCIAL vs. Superior Plus Corp | COREBRIDGE FINANCIAL vs. NMI Holdings | COREBRIDGE FINANCIAL vs. SIVERS SEMICONDUCTORS AB |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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