Correlation Between DAX Index and PTT GLBL
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By analyzing existing cross correlation between DAX Index and PTT GLBL CHEM NVDR , you can compare the effects of market volatilities on DAX Index and PTT GLBL 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 PTT GLBL. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and PTT GLBL.
Diversification Opportunities for DAX Index and PTT GLBL
Good diversification
The 3 months correlation between DAX and PTT is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and PTT GLBL CHEM NVDR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PTT GLBL CHEM 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 PTT GLBL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PTT GLBL CHEM has no effect on the direction of DAX Index i.e., DAX Index and PTT GLBL go up and down completely randomly.
Pair Corralation between DAX Index and PTT GLBL
Assuming the 90 days trading horizon DAX Index is expected to generate 0.38 times more return on investment than PTT GLBL. However, DAX Index is 2.61 times less risky than PTT GLBL. It trades about 0.26 of its potential returns per unit of risk. PTT GLBL CHEM NVDR is currently generating about -0.04 per unit of risk. If you would invest 1,914,785 in DAX Index on September 5, 2024 and sell it today you would earn a total of 108,429 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. PTT GLBL CHEM NVDR
Performance |
| Timeline |
DAX Index and PTT GLBL Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
PTT GLBL CHEM NVDR
Pair trading matchups for PTT GLBL
Pair Trading with DAX Index and PTT GLBL
The main advantage of trading using opposite DAX Index and PTT GLBL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, PTT GLBL 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 PTT GLBL will offset losses from the drop in PTT GLBL's long position.| DAX Index vs. Hochschild Mining plc | DAX Index vs. Ming Le Sports | DAX Index vs. PLAYSTUDIOS A DL 0001 | DAX Index vs. USWE SPORTS AB |
| PTT GLBL vs. Singapore Airlines Limited | PTT GLBL vs. Adtalem Global Education | PTT GLBL vs. SPORT LISBOA E | PTT GLBL vs. EMBARK EDUCATION LTD |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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