Correlation Between DAX Index and PULSION Medical
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By analyzing existing cross correlation between DAX Index and PULSION Medical Systems, you can compare the effects of market volatilities on DAX Index and PULSION Medical 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 PULSION Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and PULSION Medical.
Diversification Opportunities for DAX Index and PULSION Medical
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between DAX and PULSION is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and PULSION Medical Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PULSION Medical Systems 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 PULSION Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PULSION Medical Systems has no effect on the direction of DAX Index i.e., DAX Index and PULSION Medical go up and down completely randomly.
Pair Corralation between DAX Index and PULSION Medical
Assuming the 90 days trading horizon DAX Index is expected to generate 0.34 times more return on investment than PULSION Medical. However, DAX Index is 2.97 times less risky than PULSION Medical. It trades about 0.08 of its potential returns per unit of risk. PULSION Medical Systems is currently generating about 0.01 per unit of risk. If you would invest 1,611,132 in DAX Index on October 12, 2024 and sell it today you would earn a total of 420,578 from holding DAX Index or generate 26.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.75% |
| Values | Daily Returns |
DAX Index vs. PULSION Medical Systems
Performance |
| Timeline |
DAX Index and PULSION Medical Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
PULSION Medical Systems
Pair trading matchups for PULSION Medical
Pair Trading with DAX Index and PULSION Medical
The main advantage of trading using opposite DAX Index and PULSION Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, PULSION Medical 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 PULSION Medical will offset losses from the drop in PULSION Medical's long position.| DAX Index vs. Eurasia Mining Plc | DAX Index vs. URBAN OUTFITTERS | DAX Index vs. MCEWEN MINING INC | DAX Index vs. ANGLO ASIAN MINING |
| PULSION Medical vs. COLUMBIA SPORTSWEAR | PULSION Medical vs. Tianjin Capital Environmental | PULSION Medical vs. NEW MILLENNIUM IRON | PULSION Medical vs. CALTAGIRONE EDITORE |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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