Correlation Between HIAG Immobilien and IShares Global
Can any of the company-specific risk be diversified away by investing in both HIAG Immobilien and IShares Global at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining HIAG Immobilien and IShares Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HIAG Immobilien Holding and iShares Global Timber, you can compare the effects of market volatilities on HIAG Immobilien and IShares Global 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 HIAG Immobilien with a short position of IShares Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of HIAG Immobilien and IShares Global.
Diversification Opportunities for HIAG Immobilien and IShares Global
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between HIAG and IShares is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding HIAG Immobilien Holding and iShares Global Timber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares Global Timber and HIAG Immobilien 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 HIAG Immobilien Holding are associated (or correlated) with IShares Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares Global Timber has no effect on the direction of HIAG Immobilien i.e., HIAG Immobilien and IShares Global go up and down completely randomly.
Pair Corralation between HIAG Immobilien and IShares Global
Assuming the 90 days trading horizon HIAG Immobilien Holding is expected to generate 0.89 times more return on investment than IShares Global. However, HIAG Immobilien Holding is 1.13 times less risky than IShares Global. It trades about 0.16 of its potential returns per unit of risk. iShares Global Timber is currently generating about -0.15 per unit of risk. If you would invest 8,860 in HIAG Immobilien Holding on December 1, 2024 and sell it today you would earn a total of 280.00 from holding HIAG Immobilien Holding or generate 3.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
HIAG Immobilien Holding vs. iShares Global Timber
Performance |
| Timeline |
| HIAG Immobilien Holding |
| iShares Global Timber |
HIAG Immobilien and IShares Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HIAG Immobilien and IShares Global
The main advantage of trading using opposite HIAG Immobilien and IShares Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HIAG Immobilien position performs unexpectedly, IShares Global 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 IShares Global will offset losses from the drop in IShares Global's long position.| HIAG Immobilien vs. Allreal Holding | HIAG Immobilien vs. Mobimo Hldg | HIAG Immobilien vs. Swiss Prime Site | HIAG Immobilien vs. PSP Swiss Property |
| IShares Global vs. iShares Corp Bond | IShares Global vs. iShares Emerging Asia | IShares Global vs. iShares MSCI Global | IShares Global vs. iShares VII PLC |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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