Correlation Between DAX Index and ASTELLAS PHARMA
Specify exactly 2 symbols:
By analyzing existing cross correlation between DAX Index and ASTELLAS PHARMA UNSPADR, you can compare the effects of market volatilities on DAX Index and ASTELLAS PHARMA 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 ASTELLAS PHARMA. Check out your portfolio center. Please also check ongoing floating volatility patterns of DAX Index and ASTELLAS PHARMA.
Diversification Opportunities for DAX Index and ASTELLAS PHARMA
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between DAX and ASTELLAS is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding DAX Index and ASTELLAS PHARMA UNSPADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTELLAS PHARMA UNSPADR 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 ASTELLAS PHARMA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTELLAS PHARMA UNSPADR has no effect on the direction of DAX Index i.e., DAX Index and ASTELLAS PHARMA go up and down completely randomly.
Pair Corralation between DAX Index and ASTELLAS PHARMA
Assuming the 90 days trading horizon DAX Index is expected to generate 0.36 times more return on investment than ASTELLAS PHARMA. However, DAX Index is 2.8 times less risky than ASTELLAS PHARMA. It trades about 0.09 of its potential returns per unit of risk. ASTELLAS PHARMA UNSPADR is currently generating about -0.01 per unit of risk. If you would invest 1,640,476 in DAX Index on August 29, 2024 and sell it today you would earn a total of 289,122 from holding DAX Index or generate 17.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DAX Index vs. ASTELLAS PHARMA UNSPADR
Performance |
| Timeline |
DAX Index and ASTELLAS PHARMA Volatility Contrast
Predicted Return Density |
| Returns |
DAX Index
Pair trading matchups for DAX Index
ASTELLAS PHARMA UNSPADR
Pair trading matchups for ASTELLAS PHARMA
Pair Trading with DAX Index and ASTELLAS PHARMA
The main advantage of trading using opposite DAX Index and ASTELLAS PHARMA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DAX Index position performs unexpectedly, ASTELLAS PHARMA 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 ASTELLAS PHARMA will offset losses from the drop in ASTELLAS PHARMA's long position.| DAX Index vs. Gladstone Investment | DAX Index vs. REINET INVESTMENTS SCA | DAX Index vs. CarsalesCom | DAX Index vs. MARKET VECTR RETAIL |
| ASTELLAS PHARMA vs. Merck Co | ASTELLAS PHARMA vs. Roche Holding Ltd | ASTELLAS PHARMA vs. Amgen Inc | ASTELLAS PHARMA vs. Bayer AG NA |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |