Correlation Between DAX Index and ProSiebenSat1 Media
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By analyzing existing cross correlation between DAX Index and ProSiebenSat1 Media SE, you can compare the effects of market volatilities on DAX Index and ProSiebenSat1 Media 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 ProSiebenSat1 Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and ProSiebenSat1 Media.
Diversification Opportunities for DAX Index and ProSiebenSat1 Media
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between DAX and ProSiebenSat1 is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and ProSiebenSat1 Media SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProSiebenSat1 Media 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 ProSiebenSat1 Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProSiebenSat1 Media has no effect on the direction of DAX Index i.e., DAX Index and ProSiebenSat1 Media go up and down completely randomly.
Pair Corralation between DAX Index and ProSiebenSat1 Media
Assuming the 90 days trading horizon DAX Index is expected to generate 0.37 times more return on investment than ProSiebenSat1 Media. However, DAX Index is 2.67 times less risky than ProSiebenSat1 Media. It trades about 0.52 of its potential returns per unit of risk. ProSiebenSat1 Media SE is currently generating about 0.03 per unit of risk. If you would invest 1,984,877 in DAX Index on October 24, 2024 and sell it today you would earn a total of 119,323 from holding DAX Index or generate 6.01% 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. ProSiebenSat1 Media SE
Performance |
| Timeline |
DAX Index and ProSiebenSat1 Media Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
ProSiebenSat1 Media SE
Pair trading matchups for ProSiebenSat1 Media
Pair Trading with DAX Index and ProSiebenSat1 Media
The main advantage of trading using opposite DAX Index and ProSiebenSat1 Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, ProSiebenSat1 Media 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 ProSiebenSat1 Media will offset losses from the drop in ProSiebenSat1 Media's long position.| DAX Index vs. United Natural Foods | DAX Index vs. Salesforce | DAX Index vs. Maple Leaf Foods | DAX Index vs. MUTUIONLINE |
| ProSiebenSat1 Media vs. Ross Stores | ProSiebenSat1 Media vs. T Mobile | ProSiebenSat1 Media vs. Mobilezone Holding AG | ProSiebenSat1 Media vs. Burlington Stores |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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