Correlation Between DAX Index and HEIA
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By analyzing existing cross correlation between DAX Index and HEIA, you can compare the effects of market volatilities on DAX Index and HEIA 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 HEIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and HEIA.
Diversification Opportunities for DAX Index and HEIA
Very weak diversification
The 3 months correlation between DAX and HEIA is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and HEIA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HEIA 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 HEIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HEIA has no effect on the direction of DAX Index i.e., DAX Index and HEIA go up and down completely randomly.
Pair Corralation between DAX Index and HEIA
If you would invest 20,122 in HEIA on August 30, 2024 and sell it today you would earn a total of 0.00 from holding HEIA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
DAX Index vs. HEIA
Performance |
| Timeline |
DAX Index and HEIA Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
HEIA
Pair trading matchups for HEIA
Pair Trading with DAX Index and HEIA
The main advantage of trading using opposite DAX Index and HEIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, HEIA 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 HEIA will offset losses from the drop in HEIA's long position.| DAX Index vs. Gladstone Investment | DAX Index vs. REINET INVESTMENTS SCA | DAX Index vs. CarsalesCom | DAX Index vs. MARKET VECTR RETAIL |
| HEIA vs. Merit Medical Systems | HEIA vs. Apollo Medical Holdings | HEIA vs. MEDICAL FACILITIES NEW | HEIA vs. SBM OFFSHORE |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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