Correlation Between General Mills and SDAX Index
Specify exactly 2 symbols:
By analyzing existing cross correlation between General Mills and SDAX Index, you can compare the effects of market volatilities on General Mills and SDAX Index 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 General Mills with a short position of SDAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of General Mills and SDAX Index.
Diversification Opportunities for General Mills and SDAX Index
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between General and SDAX is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding General Mills and SDAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SDAX Index and General Mills 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 General Mills are associated (or correlated) with SDAX Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SDAX Index has no effect on the direction of General Mills i.e., General Mills and SDAX Index go up and down completely randomly.
Pair Corralation between General Mills and SDAX Index
Assuming the 90 days horizon General Mills is expected to generate 1.6 times more return on investment than SDAX Index. However, General Mills is 1.6 times more volatile than SDAX Index. It trades about 0.11 of its potential returns per unit of risk. SDAX Index is currently generating about 0.0 per unit of risk. If you would invest 6,459 in General Mills on September 1, 2024 and sell it today you would earn a total of 2,399 from holding General Mills or generate 37.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
General Mills vs. SDAX Index
Performance |
| Timeline |
General Mills and SDAX Index Volatility Contrast
Predicted Return Density |
| Returns |
General Mills
Pair trading matchups for General Mills
SDAX Index
Pair trading matchups for SDAX Index
Pair Trading with General Mills and SDAX Index
The main advantage of trading using opposite General Mills and SDAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if General Mills position performs unexpectedly, SDAX Index 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 SDAX Index will offset losses from the drop in SDAX Index's long position.| General Mills vs. INTER CARS SA | General Mills vs. Geely Automobile Holdings | General Mills vs. GEELY AUTOMOBILE | General Mills vs. MCEWEN MINING INC |
| SDAX Index vs. National Retail Properties | SDAX Index vs. Canon Marketing Japan | SDAX Index vs. SERI INDUSTRIAL EO | SDAX Index vs. GREENX METALS LTD |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |