Correlation Between DAX Index and Hawesko Holding
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By analyzing existing cross correlation between DAX Index and Hawesko Holding AG, you can compare the effects of market volatilities on DAX Index and Hawesko Holding 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 Hawesko Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Hawesko Holding.
Diversification Opportunities for DAX Index and Hawesko Holding
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DAX and Hawesko is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Hawesko Holding AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hawesko Holding AG 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 Hawesko Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hawesko Holding AG has no effect on the direction of DAX Index i.e., DAX Index and Hawesko Holding go up and down completely randomly.
Pair Corralation between DAX Index and Hawesko Holding
Assuming the 90 days trading horizon DAX Index is expected to generate 0.65 times more return on investment than Hawesko Holding. However, DAX Index is 1.54 times less risky than Hawesko Holding. It trades about 0.14 of its potential returns per unit of risk. Hawesko Holding AG is currently generating about -0.03 per unit of risk. If you would invest 1,907,754 in DAX Index on September 1, 2024 and sell it today you would earn a total of 54,891 from holding DAX Index or generate 2.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
DAX Index vs. Hawesko Holding AG
Performance |
| Timeline |
DAX Index and Hawesko Holding Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Hawesko Holding AG
Pair trading matchups for Hawesko Holding
Pair Trading with DAX Index and Hawesko Holding
The main advantage of trading using opposite DAX Index and Hawesko Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Hawesko Holding 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 Hawesko Holding will offset losses from the drop in Hawesko Holding's long position.| DAX Index vs. BE Semiconductor Industries | DAX Index vs. REGAL ASIAN INVESTMENTS | DAX Index vs. SEI INVESTMENTS | DAX Index vs. National Beverage Corp |
| Hawesko Holding vs. COMBA TELECOM SYST | Hawesko Holding vs. AVITA Medical | Hawesko Holding vs. Citic Telecom International | Hawesko Holding vs. Cogent Communications Holdings |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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