Correlation Between DAX Index and CITIC TELECOM
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By analyzing existing cross correlation between DAX Index and CITIC TELECOM, you can compare the effects of market volatilities on DAX Index and CITIC TELECOM 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 CITIC TELECOM. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and CITIC TELECOM.
Diversification Opportunities for DAX Index and CITIC TELECOM
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DAX and CITIC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and CITIC TELECOM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC TELECOM 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 CITIC TELECOM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC TELECOM has no effect on the direction of DAX Index i.e., DAX Index and CITIC TELECOM go up and down completely randomly.
Pair Corralation between DAX Index and CITIC TELECOM
If you would invest 1,679,443 in DAX Index on September 4, 2024 and sell it today you would earn a total of 313,919 from holding DAX Index or generate 18.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
DAX Index vs. CITIC TELECOM
Performance |
| Timeline |
DAX Index and CITIC TELECOM Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
CITIC TELECOM
Pair trading matchups for CITIC TELECOM
Pair Trading with DAX Index and CITIC TELECOM
The main advantage of trading using opposite DAX Index and CITIC TELECOM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, CITIC TELECOM 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 CITIC TELECOM will offset losses from the drop in CITIC TELECOM's 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 |
| CITIC TELECOM vs. MELIA HOTELS | CITIC TELECOM vs. Meli Hotels International | CITIC TELECOM vs. MARKET VECTR RETAIL | CITIC TELECOM vs. Pebblebrook Hotel Trust |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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