Correlation Between DAX Index and GENFIT
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By analyzing existing cross correlation between DAX Index and GENFIT, you can compare the effects of market volatilities on DAX Index and GENFIT 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 GENFIT. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and GENFIT.
Diversification Opportunities for DAX Index and GENFIT
Pay attention - limited upside
The 3 months correlation between DAX and GENFIT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and GENFIT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENFIT 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 GENFIT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENFIT has no effect on the direction of DAX Index i.e., DAX Index and GENFIT go up and down completely randomly.
Pair Corralation between DAX Index and GENFIT
If you would invest 1,418,167 in DAX Index on September 24, 2024 and sell it today you would earn a total of 570,308 from holding DAX Index or generate 40.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
DAX Index vs. GENFIT
Performance |
| Timeline |
DAX Index and GENFIT Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
GENFIT
Pair trading matchups for GENFIT
Pair Trading with DAX Index and GENFIT
The main advantage of trading using opposite DAX Index and GENFIT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, GENFIT 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 GENFIT will offset losses from the drop in GENFIT's long position.| DAX Index vs. Seven West Media | DAX Index vs. TERADATA | DAX Index vs. DICKER DATA LTD | DAX Index vs. Datang International Power |
| GENFIT vs. DIVERSIFIED ROYALTY | GENFIT vs. Soken Chemical Engineering | GENFIT vs. X FAB Silicon Foundries | GENFIT vs. Sanyo Chemical Industries |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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