Correlation Between DAX Index and Fielmann Aktiengesellscha
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and Fielmann Aktiengesellschaft, you can compare the effects of market volatilities on DAX Index and Fielmann Aktiengesellscha 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 Fielmann Aktiengesellscha. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Fielmann Aktiengesellscha.
Diversification Opportunities for DAX Index and Fielmann Aktiengesellscha
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between DAX and Fielmann is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Fielmann Aktiengesellschaft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fielmann Aktiengesellscha 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 Fielmann Aktiengesellscha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fielmann Aktiengesellscha has no effect on the direction of DAX Index i.e., DAX Index and Fielmann Aktiengesellscha go up and down completely randomly.
Pair Corralation between DAX Index and Fielmann Aktiengesellscha
Assuming the 90 days trading horizon DAX Index is expected to generate 0.62 times more return on investment than Fielmann Aktiengesellscha. However, DAX Index is 1.62 times less risky than Fielmann Aktiengesellscha. It trades about 0.05 of its potential returns per unit of risk. Fielmann Aktiengesellschaft is currently generating about -0.04 per unit of risk. If you would invest 1,857,594 in DAX Index on September 3, 2024 and sell it today you would earn a total of 105,051 from holding DAX Index or generate 5.66% 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. Fielmann Aktiengesellschaft
Performance |
| Timeline |
DAX Index and Fielmann Aktiengesellscha Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Fielmann Aktiengesellschaft
Pair trading matchups for Fielmann Aktiengesellscha
Pair Trading with DAX Index and Fielmann Aktiengesellscha
The main advantage of trading using opposite DAX Index and Fielmann Aktiengesellscha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Fielmann Aktiengesellscha 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 Fielmann Aktiengesellscha will offset losses from the drop in Fielmann Aktiengesellscha'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 |
| Fielmann Aktiengesellscha vs. PLAY2CHILL SA ZY | Fielmann Aktiengesellscha vs. Dalata Hotel Group | Fielmann Aktiengesellscha vs. Columbia Sportswear | Fielmann Aktiengesellscha vs. Playtech plc |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Stocks Directory Find actively traded stocks across global markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |