Correlation Between DAX Index and Artemis Resources
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By analyzing existing cross correlation between DAX Index and Artemis Resources, you can compare the effects of market volatilities on DAX Index and Artemis Resources 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 Artemis Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Artemis Resources.
Diversification Opportunities for DAX Index and Artemis Resources
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between DAX and Artemis is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Artemis Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Artemis Resources 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 Artemis Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Artemis Resources has no effect on the direction of DAX Index i.e., DAX Index and Artemis Resources go up and down completely randomly.
Pair Corralation between DAX Index and Artemis Resources
Assuming the 90 days trading horizon DAX Index is expected to generate 1.49 times less return on investment than Artemis Resources. But when comparing it to its historical volatility, DAX Index is 10.07 times less risky than Artemis Resources. It trades about 0.08 of its potential returns per unit of risk. Artemis Resources is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1.50 in Artemis Resources on September 4, 2024 and sell it today you would lose (0.95) from holding Artemis Resources or give up 63.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.22% |
| Values | Daily Returns |
DAX Index vs. Artemis Resources
Performance |
| Timeline |
DAX Index and Artemis Resources Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Artemis Resources
Pair trading matchups for Artemis Resources
Pair Trading with DAX Index and Artemis Resources
The main advantage of trading using opposite DAX Index and Artemis Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Artemis Resources 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 Artemis Resources will offset losses from the drop in Artemis Resources' long position.| DAX Index vs. LION ONE METALS | DAX Index vs. KENNAMETAL INC | DAX Index vs. HYATT HOTELS A | DAX Index vs. Zijin Mining Group |
| Artemis Resources vs. Laureate Education | Artemis Resources vs. SK TELECOM TDADR | Artemis Resources vs. DeVry Education Group | Artemis Resources vs. NURAN WIRELESS 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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