Correlation Between MGIC INVESTMENT and SDAX Index
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By analyzing existing cross correlation between MGIC INVESTMENT and SDAX Index, you can compare the effects of market volatilities on MGIC INVESTMENT 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 MGIC INVESTMENT with a short position of SDAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of MGIC INVESTMENT and SDAX Index.
Diversification Opportunities for MGIC INVESTMENT and SDAX Index
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MGIC and SDAX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MGIC INVESTMENT and SDAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SDAX Index and MGIC INVESTMENT 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 MGIC INVESTMENT 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 MGIC INVESTMENT i.e., MGIC INVESTMENT and SDAX Index go up and down completely randomly.
Pair Corralation between MGIC INVESTMENT and SDAX Index
If you would invest 0.00 in SDAX Index on October 8, 2024 and sell it today you would earn a total of 0.00 from holding SDAX Index or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 6.25% |
| Values | Daily Returns |
MGIC INVESTMENT vs. SDAX Index
Performance |
| Timeline |
MGIC INVESTMENT and SDAX Index Volatility Contrast
Predicted Return Density |
| Returns |
MGIC INVESTMENT
Pair trading matchups for MGIC INVESTMENT
SDAX Index
Pair trading matchups for SDAX Index
Pair Trading with MGIC INVESTMENT and SDAX Index
The main advantage of trading using opposite MGIC INVESTMENT and SDAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MGIC INVESTMENT 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.| MGIC INVESTMENT vs. Apple Inc | MGIC INVESTMENT vs. Apple Inc | MGIC INVESTMENT vs. Apple Inc | MGIC INVESTMENT vs. Apple Inc |
| SDAX Index vs. MUTUIONLINE | SDAX Index vs. CARSALESCOM | SDAX Index vs. CODERE ONLINE LUX | SDAX Index vs. United Insurance Holdings |
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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