Correlation Between DAX Index and Going Public
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By analyzing existing cross correlation between DAX Index and Going Public Media, you can compare the effects of market volatilities on DAX Index and Going Public 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 Going Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Going Public.
Diversification Opportunities for DAX Index and Going Public
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between DAX and Going is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Going Public Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Going Public Media 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 Going Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Going Public Media has no effect on the direction of DAX Index i.e., DAX Index and Going Public go up and down completely randomly.
Pair Corralation between DAX Index and Going Public
Assuming the 90 days trading horizon DAX Index is expected to generate 3.04 times less return on investment than Going Public. But when comparing it to its historical volatility, DAX Index is 8.76 times less risky than Going Public. It trades about 0.52 of its potential returns per unit of risk. Going Public Media is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 391.00 in Going Public Media on October 23, 2024 and sell it today you would earn a total of 61.00 from holding Going Public Media or generate 15.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.12% |
| Values | Daily Returns |
DAX Index vs. Going Public Media
Performance |
| Timeline |
DAX Index and Going Public Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Going Public Media
Pair trading matchups for Going Public
Pair Trading with DAX Index and Going Public
The main advantage of trading using opposite DAX Index and Going Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Going Public 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 Going Public will offset losses from the drop in Going Public's long position.| DAX Index vs. Ryanair Holdings plc | DAX Index vs. SYSTEMAIR AB | DAX Index vs. MYFAIR GOLD P | DAX Index vs. ALTAIR RES INC |
| Going Public vs. RELX PLC | Going Public vs. Relx PLC ADR | Going Public vs. Wolters Kluwer NV | Going Public vs. WOLTERS KLUWER ADR |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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