Correlation Between DAX Index and SUPER GROUP
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By analyzing existing cross correlation between DAX Index and SUPER GROUP LTD, you can compare the effects of market volatilities on DAX Index and SUPER GROUP 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 SUPER GROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and SUPER GROUP.
Diversification Opportunities for DAX Index and SUPER GROUP
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between DAX and SUPER is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and SUPER GROUP LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUPER GROUP LTD 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 SUPER GROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUPER GROUP LTD has no effect on the direction of DAX Index i.e., DAX Index and SUPER GROUP go up and down completely randomly.
Pair Corralation between DAX Index and SUPER GROUP
Assuming the 90 days trading horizon DAX Index is expected to generate 30.42 times less return on investment than SUPER GROUP. But when comparing it to its historical volatility, DAX Index is 14.25 times less risky than SUPER GROUP. It trades about 0.07 of its potential returns per unit of risk. SUPER GROUP LTD is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 69.00 in SUPER GROUP LTD on August 28, 2024 and sell it today you would earn a total of 79.00 from holding SUPER GROUP LTD or generate 114.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. SUPER GROUP LTD
Performance |
| Timeline |
DAX Index and SUPER GROUP Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
SUPER GROUP LTD
Pair trading matchups for SUPER GROUP
Pair Trading with DAX Index and SUPER GROUP
The main advantage of trading using opposite DAX Index and SUPER GROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, SUPER GROUP 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 SUPER GROUP will offset losses from the drop in SUPER GROUP's long position.| DAX Index vs. QUEEN S ROAD | DAX Index vs. TITANIUM TRANSPORTGROUP | DAX Index vs. COPLAND ROAD CAPITAL | DAX Index vs. Broadcom |
| SUPER GROUP vs. Commercial Vehicle Group | SUPER GROUP vs. Daido Steel Co | SUPER GROUP vs. ALGOMA STEEL GROUP | SUPER GROUP vs. CVW CLEANTECH 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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