Correlation Between DAX Index and HELIOS TECHS
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By analyzing existing cross correlation between DAX Index and HELIOS TECHS INC, you can compare the effects of market volatilities on DAX Index and HELIOS TECHS 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 HELIOS TECHS. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and HELIOS TECHS.
Diversification Opportunities for DAX Index and HELIOS TECHS
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between DAX and HELIOS is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and HELIOS TECHS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HELIOS TECHS INC 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 HELIOS TECHS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HELIOS TECHS INC has no effect on the direction of DAX Index i.e., DAX Index and HELIOS TECHS go up and down completely randomly.
Pair Corralation between DAX Index and HELIOS TECHS
Assuming the 90 days trading horizon DAX Index is expected to generate 0.36 times more return on investment than HELIOS TECHS. However, DAX Index is 2.79 times less risky than HELIOS TECHS. It trades about 0.57 of its potential returns per unit of risk. HELIOS TECHS INC is currently generating about -0.05 per unit of risk. If you would invest 2,002,466 in DAX Index on November 3, 2024 and sell it today you would earn a total of 170,739 from holding DAX Index or generate 8.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
DAX Index vs. HELIOS TECHS INC
Performance |
| Timeline |
DAX Index and HELIOS TECHS Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
HELIOS TECHS INC
Pair trading matchups for HELIOS TECHS
Pair Trading with DAX Index and HELIOS TECHS
The main advantage of trading using opposite DAX Index and HELIOS TECHS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, HELIOS TECHS 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 HELIOS TECHS will offset losses from the drop in HELIOS TECHS's long position.| DAX Index vs. BOS BETTER ONLINE | DAX Index vs. CODERE ONLINE LUX | DAX Index vs. Aegean Airlines SA | DAX Index vs. China Eastern Airlines |
| HELIOS TECHS vs. Gol Intelligent Airlines | HELIOS TECHS vs. Aegean Airlines SA | HELIOS TECHS vs. International Game Technology | HELIOS TECHS vs. International Consolidated Airlines |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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