Correlation Between Harel Index and IShares NASDAQ
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harel Index Funds and iShares NASDAQ 100, you can compare the effects of market volatilities on Harel Index and IShares NASDAQ 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 Harel Index with a short position of IShares NASDAQ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harel Index and IShares NASDAQ.
Diversification Opportunities for Harel Index and IShares NASDAQ
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Harel and IShares is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Harel Index Funds and iShares NASDAQ 100 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares NASDAQ 100 and Harel 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 Harel Index Funds are associated (or correlated) with IShares NASDAQ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares NASDAQ 100 has no effect on the direction of Harel Index i.e., Harel Index and IShares NASDAQ go up and down completely randomly.
Pair Corralation between Harel Index and IShares NASDAQ
Assuming the 90 days trading horizon Harel Index is expected to generate 1.01 times less return on investment than IShares NASDAQ. In addition to that, Harel Index is 1.13 times more volatile than iShares NASDAQ 100. It trades about 0.08 of its total potential returns per unit of risk. iShares NASDAQ 100 is currently generating about 0.09 per unit of volatility. If you would invest 38,360,000 in iShares NASDAQ 100 on September 3, 2024 and sell it today you would earn a total of 5,100,000 from holding iShares NASDAQ 100 or generate 13.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harel Index Funds vs. iShares NASDAQ 100
Performance |
| Timeline |
| Harel Index Funds |
| iShares NASDAQ 100 |
Harel Index and IShares NASDAQ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harel Index and IShares NASDAQ
The main advantage of trading using opposite Harel Index and IShares NASDAQ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harel Index position performs unexpectedly, IShares NASDAQ 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 NASDAQ will offset losses from the drop in IShares NASDAQ's long position.| Harel Index vs. Harel Index Funds | Harel Index vs. Harel Sal Tel Bond | Harel Index vs. Harel Index Funds | Harel Index vs. Harel Index Funds |
| IShares NASDAQ vs. Harel Index Funds | IShares NASDAQ vs. Harel Index Funds | IShares NASDAQ vs. Harel Sal SP |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |