Correlation Between DAX Index and CRYOLIFE
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and CRYOLIFE, you can compare the effects of market volatilities on DAX Index and CRYOLIFE 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 CRYOLIFE. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and CRYOLIFE.
Diversification Opportunities for DAX Index and CRYOLIFE
Very weak diversification
The 3 months correlation between DAX and CRYOLIFE is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and CRYOLIFE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CRYOLIFE 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 CRYOLIFE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CRYOLIFE has no effect on the direction of DAX Index i.e., DAX Index and CRYOLIFE go up and down completely randomly.
Pair Corralation between DAX Index and CRYOLIFE
Assuming the 90 days trading horizon DAX Index is expected to generate 2.78 times less return on investment than CRYOLIFE. But when comparing it to its historical volatility, DAX Index is 3.1 times less risky than CRYOLIFE. It trades about 0.08 of its potential returns per unit of risk. CRYOLIFE is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,280 in CRYOLIFE on September 4, 2024 and sell it today you would earn a total of 1,515 from holding CRYOLIFE or generate 118.36% 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. CRYOLIFE
Performance |
| Timeline |
DAX Index and CRYOLIFE Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
CRYOLIFE
Pair trading matchups for CRYOLIFE
Pair Trading with DAX Index and CRYOLIFE
The main advantage of trading using opposite DAX Index and CRYOLIFE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, CRYOLIFE 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 CRYOLIFE will offset losses from the drop in CRYOLIFE'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 |
| CRYOLIFE vs. Jacquet Metal Service | CRYOLIFE vs. Evolution Mining Limited | CRYOLIFE vs. LION ONE METALS | CRYOLIFE vs. MICRONIC MYDATA |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |