Correlation Between DAX Index and Blackstone
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By analyzing existing cross correlation between DAX Index and Blackstone Group, you can compare the effects of market volatilities on DAX Index and Blackstone 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 Blackstone. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Blackstone.
Diversification Opportunities for DAX Index and Blackstone
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DAX and Blackstone is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Blackstone Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackstone Group 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 Blackstone. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackstone Group has no effect on the direction of DAX Index i.e., DAX Index and Blackstone go up and down completely randomly.
Pair Corralation between DAX Index and Blackstone
Assuming the 90 days trading horizon DAX Index is expected to generate 9.24 times less return on investment than Blackstone. But when comparing it to its historical volatility, DAX Index is 2.24 times less risky than Blackstone. It trades about 0.05 of its potential returns per unit of risk. Blackstone Group is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 10,811 in Blackstone Group on September 1, 2024 and sell it today you would earn a total of 7,309 from holding Blackstone Group or generate 67.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.24% |
| Values | Daily Returns |
DAX Index vs. Blackstone Group
Performance |
| Timeline |
DAX Index and Blackstone Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Blackstone Group
Pair trading matchups for Blackstone
Pair Trading with DAX Index and Blackstone
The main advantage of trading using opposite DAX Index and Blackstone positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Blackstone 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 Blackstone will offset losses from the drop in Blackstone's long position.| DAX Index vs. BE Semiconductor Industries | DAX Index vs. REGAL ASIAN INVESTMENTS | DAX Index vs. SEI INVESTMENTS | DAX Index vs. National Beverage Corp |
| Blackstone vs. National Retail Properties | Blackstone vs. Amkor Technology | Blackstone vs. Fast Retailing Co | Blackstone vs. SMA Solar Technology |
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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