Correlation Between DAX Index and IQVIA Holdings
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By analyzing existing cross correlation between DAX Index and IQVIA Holdings, you can compare the effects of market volatilities on DAX Index and IQVIA Holdings 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 IQVIA Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and IQVIA Holdings.
Diversification Opportunities for DAX Index and IQVIA Holdings
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DAX and IQVIA is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and IQVIA Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IQVIA Holdings 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 IQVIA Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IQVIA Holdings has no effect on the direction of DAX Index i.e., DAX Index and IQVIA Holdings go up and down completely randomly.
Pair Corralation between DAX Index and IQVIA Holdings
Assuming the 90 days trading horizon DAX Index is expected to generate 0.46 times more return on investment than IQVIA Holdings. However, DAX Index is 2.2 times less risky than IQVIA Holdings. It trades about 0.07 of its potential returns per unit of risk. IQVIA Holdings is currently generating about -0.05 per unit of risk. If you would invest 1,769,840 in DAX Index on September 1, 2024 and sell it today you would earn a total of 192,805 from holding DAX Index or generate 10.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.48% |
| Values | Daily Returns |
DAX Index vs. IQVIA Holdings
Performance |
| Timeline |
DAX Index and IQVIA Holdings Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
IQVIA Holdings
Pair trading matchups for IQVIA Holdings
Pair Trading with DAX Index and IQVIA Holdings
The main advantage of trading using opposite DAX Index and IQVIA Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, IQVIA Holdings 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 IQVIA Holdings will offset losses from the drop in IQVIA Holdings' long position.| DAX Index vs. BE Semiconductor Industries | DAX Index vs. REGAL ASIAN INVESTMENTS | DAX Index vs. SEI INVESTMENTS | DAX Index vs. National Beverage Corp |
| IQVIA Holdings vs. Zijin Mining Group | IQVIA Holdings vs. Apollo Medical Holdings | IQVIA Holdings vs. Automatic Data Processing | IQVIA Holdings vs. AVITA Medical |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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