Correlation Between DAX Index and Hyster-Yale Materials
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By analyzing existing cross correlation between DAX Index and Hyster Yale Materials Handling, you can compare the effects of market volatilities on DAX Index and Hyster-Yale Materials 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 Hyster-Yale Materials. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Hyster-Yale Materials.
Diversification Opportunities for DAX Index and Hyster-Yale Materials
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between DAX and Hyster-Yale is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Hyster Yale Materials Handling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hyster Yale Materials 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 Hyster-Yale Materials. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyster Yale Materials has no effect on the direction of DAX Index i.e., DAX Index and Hyster-Yale Materials go up and down completely randomly.
Pair Corralation between DAX Index and Hyster-Yale Materials
Assuming the 90 days trading horizon DAX Index is expected to generate 0.27 times more return on investment than Hyster-Yale Materials. However, DAX Index is 3.69 times less risky than Hyster-Yale Materials. It trades about 0.05 of its potential returns per unit of risk. Hyster Yale Materials Handling is currently generating about -0.05 per unit of risk. If you would invest 1,849,679 in DAX Index on August 28, 2024 and sell it today you would earn a total of 90,841 from holding DAX Index or generate 4.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.22% |
| Values | Daily Returns |
DAX Index vs. Hyster Yale Materials Handling
Performance |
| Timeline |
DAX Index and Hyster-Yale Materials Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Hyster Yale Materials Handling
Pair trading matchups for Hyster-Yale Materials
Pair Trading with DAX Index and Hyster-Yale Materials
The main advantage of trading using opposite DAX Index and Hyster-Yale Materials positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Hyster-Yale Materials 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 Hyster-Yale Materials will offset losses from the drop in Hyster-Yale Materials' long position.| DAX Index vs. ELMOS SEMICONDUCTOR | DAX Index vs. ALTAIR RES INC | DAX Index vs. Fair Isaac Corp | DAX Index vs. Taiwan Semiconductor Manufacturing |
| Hyster-Yale Materials vs. KION Group AG | Hyster-Yale Materials vs. Superior Plus Corp | Hyster-Yale Materials vs. NMI Holdings | Hyster-Yale Materials vs. Origin Agritech |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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