Correlation Between DAX Index and Global Online
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By analyzing existing cross correlation between DAX Index and Global Online Retail, you can compare the effects of market volatilities on DAX Index and Global Online 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 Global Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and Global Online.
Diversification Opportunities for DAX Index and Global Online
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DAX and Global is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and Global Online Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Online Retail 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 Global Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Online Retail has no effect on the direction of DAX Index i.e., DAX Index and Global Online go up and down completely randomly.
Pair Corralation between DAX Index and Global Online
If you would invest 1,944,860 in DAX Index on September 12, 2024 and sell it today you would earn a total of 95,056 from holding DAX Index or generate 4.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
DAX Index vs. Global Online Retail
Performance |
| Timeline |
DAX Index and Global Online Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
Global Online Retail
Pair trading matchups for Global Online
Pair Trading with DAX Index and Global Online
The main advantage of trading using opposite DAX Index and Global Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, Global Online 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 Global Online will offset losses from the drop in Global Online's long position.| DAX Index vs. Arrow Electronics | DAX Index vs. CANON MARKETING JP | DAX Index vs. The Trade Desk | DAX Index vs. METHODE ELECTRONICS |
| Global Online vs. Global X China | Global Online vs. Global X Aave | Global Online vs. Global X NASDAQ | Global Online vs. Global X Cloud |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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