Correlation Between DAX Index and Apyx Medical
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By analyzing existing cross correlation between DAX Index and Apyx Medical Corp, you can compare the effects of market volatilities on DAX Index and Apyx Medical 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 Apyx Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Apyx Medical.
Diversification Opportunities for DAX Index and Apyx Medical
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between DAX and Apyx is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Apyx Medical Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apyx Medical Corp 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 Apyx Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apyx Medical Corp has no effect on the direction of DAX Index i.e., DAX Index and Apyx Medical go up and down completely randomly.
Pair Corralation between DAX Index and Apyx Medical
Assuming the 90 days trading horizon DAX Index is expected to under-perform the Apyx Medical. But the index apears to be less risky and, when comparing its historical volatility, DAX Index is 6.71 times less risky than Apyx Medical. The index trades about -0.03 of its potential returns per unit of risk. The Apyx Medical Corp is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 102.00 in Apyx Medical Corp on August 25, 2024 and sell it today you would earn a total of 33.00 from holding Apyx Medical Corp or generate 32.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. Apyx Medical Corp
Performance |
| Timeline |
DAX Index and Apyx Medical Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Apyx Medical Corp
Pair trading matchups for Apyx Medical
Pair Trading with DAX Index and Apyx Medical
The main advantage of trading using opposite DAX Index and Apyx Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Apyx Medical 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 Apyx Medical will offset losses from the drop in Apyx Medical's long position.| DAX Index vs. Granite Construction | DAX Index vs. AGRICULTBK HADR25 YC | DAX Index vs. ADRIATIC METALS LS 013355 | DAX Index vs. GREENX METALS LTD |
| Apyx Medical vs. Apple Inc | Apyx Medical vs. Apple Inc | Apyx Medical vs. Apple Inc | Apyx Medical vs. Apple 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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