Correlation Between DAX Index and NOMURA RESEARCH
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and NOMURA RESEARCH, you can compare the effects of market volatilities on DAX Index and NOMURA RESEARCH 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 NOMURA RESEARCH. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and NOMURA RESEARCH.
Diversification Opportunities for DAX Index and NOMURA RESEARCH
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DAX and NOMURA is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and NOMURA RESEARCH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NOMURA RESEARCH 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 NOMURA RESEARCH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NOMURA RESEARCH has no effect on the direction of DAX Index i.e., DAX Index and NOMURA RESEARCH go up and down completely randomly.
Pair Corralation between DAX Index and NOMURA RESEARCH
Assuming the 90 days trading horizon DAX Index is expected to generate 0.42 times more return on investment than NOMURA RESEARCH. However, DAX Index is 2.39 times less risky than NOMURA RESEARCH. It trades about 0.1 of its potential returns per unit of risk. NOMURA RESEARCH is currently generating about 0.03 per unit of risk. If you would invest 1,674,207 in DAX Index on September 20, 2024 and sell it today you would earn a total of 350,050 from holding DAX Index or generate 20.91% 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. NOMURA RESEARCH
Performance |
| Timeline |
DAX Index and NOMURA RESEARCH Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
NOMURA RESEARCH
Pair trading matchups for NOMURA RESEARCH
Pair Trading with DAX Index and NOMURA RESEARCH
The main advantage of trading using opposite DAX Index and NOMURA RESEARCH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, NOMURA RESEARCH 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 NOMURA RESEARCH will offset losses from the drop in NOMURA RESEARCH's long position.| DAX Index vs. Warner Music Group | DAX Index vs. Take Two Interactive Software | DAX Index vs. Sixt Leasing SE | DAX Index vs. JAPAN TOBACCO UNSPADR12 |
| NOMURA RESEARCH vs. Apple Inc | NOMURA RESEARCH vs. Apple Inc | NOMURA RESEARCH vs. Apple Inc | NOMURA RESEARCH vs. Apple Inc |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |