Correlation Between DAX Index and AJ LUCAS
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and AJ LUCAS GROUP, you can compare the effects of market volatilities on DAX Index and AJ LUCAS 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 AJ LUCAS. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and AJ LUCAS.
Diversification Opportunities for DAX Index and AJ LUCAS
Very good diversification
The 3 months correlation between DAX and FW9 is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and AJ LUCAS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AJ LUCAS 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 AJ LUCAS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AJ LUCAS GROUP has no effect on the direction of DAX Index i.e., DAX Index and AJ LUCAS go up and down completely randomly.
Pair Corralation between DAX Index and AJ LUCAS
Assuming the 90 days trading horizon DAX Index is expected to generate 25.19 times less return on investment than AJ LUCAS. But when comparing it to its historical volatility, DAX Index is 29.72 times less risky than AJ LUCAS. It trades about 0.1 of its potential returns per unit of risk. AJ LUCAS GROUP is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 0.25 in AJ LUCAS GROUP on September 4, 2024 and sell it today you would lose (0.15) from holding AJ LUCAS GROUP or give up 60.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. AJ LUCAS GROUP
Performance |
| Timeline |
DAX Index and AJ LUCAS Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
AJ LUCAS GROUP
Pair trading matchups for AJ LUCAS
Pair Trading with DAX Index and AJ LUCAS
The main advantage of trading using opposite DAX Index and AJ LUCAS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, AJ LUCAS 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 AJ LUCAS will offset losses from the drop in AJ LUCAS'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 |
| AJ LUCAS vs. Insurance Australia Group | AJ LUCAS vs. Games Workshop Group | AJ LUCAS vs. Scientific Games | AJ LUCAS vs. REVO INSURANCE SPA |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |