Correlation Between DAX Index and JLT MOBILE
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and JLT MOBILE PUTER, you can compare the effects of market volatilities on DAX Index and JLT MOBILE 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 JLT MOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and JLT MOBILE.
Diversification Opportunities for DAX Index and JLT MOBILE
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between DAX and JLT is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and JLT MOBILE PUTER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JLT MOBILE PUTER 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 JLT MOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JLT MOBILE PUTER has no effect on the direction of DAX Index i.e., DAX Index and JLT MOBILE go up and down completely randomly.
Pair Corralation between DAX Index and JLT MOBILE
Assuming the 90 days trading horizon DAX Index is expected to generate 0.28 times more return on investment than JLT MOBILE. However, DAX Index is 3.56 times less risky than JLT MOBILE. It trades about 0.07 of its potential returns per unit of risk. JLT MOBILE PUTER is currently generating about -0.04 per unit of risk. If you would invest 1,505,830 in DAX Index on September 3, 2024 and sell it today you would earn a total of 456,815 from holding DAX Index or generate 30.34% 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. JLT MOBILE PUTER
Performance |
| Timeline |
DAX Index and JLT MOBILE Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
JLT MOBILE PUTER
Pair trading matchups for JLT MOBILE
Pair Trading with DAX Index and JLT MOBILE
The main advantage of trading using opposite DAX Index and JLT MOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, JLT MOBILE 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 JLT MOBILE will offset losses from the drop in JLT MOBILE's long position.| DAX Index vs. SPORT LISBOA E | DAX Index vs. FUYO GENERAL LEASE | DAX Index vs. Live Nation Entertainment | DAX Index vs. Transport International Holdings |
| JLT MOBILE vs. JJ SNACK FOODS | JLT MOBILE vs. THAI BEVERAGE | JLT MOBILE vs. Ebro Foods SA | JLT MOBILE vs. NISSIN FOODS HLDGS |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |