Correlation Between DAX Index and STANLEY ELECTRIC
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By analyzing existing cross correlation between DAX Index and STANLEY ELECTRIC CO, you can compare the effects of market volatilities on DAX Index and STANLEY ELECTRIC 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 STANLEY ELECTRIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and STANLEY ELECTRIC.
Diversification Opportunities for DAX Index and STANLEY ELECTRIC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DAX and STANLEY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and STANLEY ELECTRIC CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STANLEY ELECTRIC 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 STANLEY ELECTRIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STANLEY ELECTRIC has no effect on the direction of DAX Index i.e., DAX Index and STANLEY ELECTRIC go up and down completely randomly.
Pair Corralation between DAX Index and STANLEY ELECTRIC
If you would invest 2,460 in STANLEY ELECTRIC CO on August 30, 2024 and sell it today you would earn a total of 0.00 from holding STANLEY ELECTRIC CO or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. STANLEY ELECTRIC CO
Performance |
| Timeline |
DAX Index and STANLEY ELECTRIC Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
STANLEY ELECTRIC CO
Pair trading matchups for STANLEY ELECTRIC
Pair Trading with DAX Index and STANLEY ELECTRIC
The main advantage of trading using opposite DAX Index and STANLEY ELECTRIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, STANLEY ELECTRIC 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 STANLEY ELECTRIC will offset losses from the drop in STANLEY ELECTRIC's long position.| DAX Index vs. NEWELL RUBBERMAID | DAX Index vs. APPLIED MATERIALS | DAX Index vs. Compagnie Plastic Omnium | DAX Index vs. Vulcan Materials |
| STANLEY ELECTRIC vs. REGAL ASIAN INVESTMENTS | STANLEY ELECTRIC vs. PennyMac Mortgage Investment | STANLEY ELECTRIC vs. Gladstone Investment | STANLEY ELECTRIC vs. ANGI Homeservices |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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