Correlation Between DAX Index and WillScot Mobile
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By analyzing existing cross correlation between DAX Index and WillScot Mobile Mini, you can compare the effects of market volatilities on DAX Index and WillScot Mobile 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 WillScot Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and WillScot Mobile.
Diversification Opportunities for DAX Index and WillScot Mobile
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between DAX and WillScot is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and WillScot Mobile Mini in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WillScot Mobile Mini 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 WillScot Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WillScot Mobile Mini has no effect on the direction of DAX Index i.e., DAX Index and WillScot Mobile go up and down completely randomly.
Pair Corralation between DAX Index and WillScot Mobile
Assuming the 90 days trading horizon DAX Index is expected to generate 0.19 times more return on investment than WillScot Mobile. However, DAX Index is 5.32 times less risky than WillScot Mobile. It trades about -0.03 of its potential returns per unit of risk. WillScot Mobile Mini is currently generating about -0.05 per unit of risk. If you would invest 1,953,162 in DAX Index on August 28, 2024 and sell it today you would lose (12,642) from holding DAX Index or give up 0.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
DAX Index vs. WillScot Mobile Mini
Performance |
| Timeline |
DAX Index and WillScot Mobile Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
WillScot Mobile Mini
Pair trading matchups for WillScot Mobile
Pair Trading with DAX Index and WillScot Mobile
The main advantage of trading using opposite DAX Index and WillScot Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, WillScot Mobile 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 WillScot Mobile will offset losses from the drop in WillScot Mobile's long position.| DAX Index vs. ELMOS SEMICONDUCTOR | DAX Index vs. ALTAIR RES INC | DAX Index vs. Fair Isaac Corp | DAX Index vs. Taiwan Semiconductor Manufacturing |
| WillScot Mobile vs. Austevoll Seafood ASA | WillScot Mobile vs. CN MODERN DAIRY | WillScot Mobile vs. AUSNUTRIA DAIRY | WillScot Mobile vs. United Rentals |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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