Correlation Between DAX Index and CyberArk Software
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By analyzing existing cross correlation between DAX Index and CyberArk Software, you can compare the effects of market volatilities on DAX Index and CyberArk Software 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 CyberArk Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and CyberArk Software.
Diversification Opportunities for DAX Index and CyberArk Software
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DAX and CyberArk is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and CyberArk Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CyberArk Software 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 CyberArk Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CyberArk Software has no effect on the direction of DAX Index i.e., DAX Index and CyberArk Software go up and down completely randomly.
Pair Corralation between DAX Index and CyberArk Software
Assuming the 90 days trading horizon DAX Index is expected to generate 4.01 times less return on investment than CyberArk Software. But when comparing it to its historical volatility, DAX Index is 2.91 times less risky than CyberArk Software. It trades about 0.07 of its potential returns per unit of risk. CyberArk Software is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 11,100 in CyberArk Software on September 3, 2024 and sell it today you would earn a total of 18,930 from holding CyberArk Software or generate 170.54% 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. CyberArk Software
Performance |
| Timeline |
DAX Index and CyberArk Software Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
CyberArk Software
Pair trading matchups for CyberArk Software
Pair Trading with DAX Index and CyberArk Software
The main advantage of trading using opposite DAX Index and CyberArk Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, CyberArk Software 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 CyberArk Software will offset losses from the drop in CyberArk Software's long position.| DAX Index vs. SPORT LISBOA E | DAX Index vs. FUYO GENERAL LEASE | DAX Index vs. Live Nation Entertainment | DAX Index vs. Transport International Holdings |
| CyberArk Software vs. Apple Inc | CyberArk Software vs. Apple Inc | CyberArk Software vs. Apple Inc | CyberArk Software 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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