Correlation Between NYSE Composite and DEUTSCHE
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By analyzing existing cross correlation between NYSE Composite and DEUTSCHE BANK AG, you can compare the effects of market volatilities on NYSE Composite and DEUTSCHE 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 NYSE Composite with a short position of DEUTSCHE. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and DEUTSCHE.
Diversification Opportunities for NYSE Composite and DEUTSCHE
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NYSE and DEUTSCHE is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and DEUTSCHE BANK AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DEUTSCHE BANK AG and NYSE Composite 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 NYSE Composite are associated (or correlated) with DEUTSCHE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DEUTSCHE BANK AG has no effect on the direction of NYSE Composite i.e., NYSE Composite and DEUTSCHE go up and down completely randomly.
Pair Corralation between NYSE Composite and DEUTSCHE
Assuming the 90 days trading horizon NYSE Composite is expected to under-perform the DEUTSCHE. In addition to that, NYSE Composite is 5.96 times more volatile than DEUTSCHE BANK AG. It trades about -0.24 of its total potential returns per unit of risk. DEUTSCHE BANK AG is currently generating about 0.1 per unit of volatility. If you would invest 9,637 in DEUTSCHE BANK AG on October 14, 2024 and sell it today you would earn a total of 21.00 from holding DEUTSCHE BANK AG or generate 0.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 78.95% |
| Values | Daily Returns |
NYSE Composite vs. DEUTSCHE BANK AG
Performance |
| Timeline |
NYSE Composite and DEUTSCHE Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
DEUTSCHE BANK AG
Pair trading matchups for DEUTSCHE
Pair Trading with NYSE Composite and DEUTSCHE
The main advantage of trading using opposite NYSE Composite and DEUTSCHE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, DEUTSCHE 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 DEUTSCHE will offset losses from the drop in DEUTSCHE's long position.| NYSE Composite vs. Viemed Healthcare | NYSE Composite vs. NuRAN Wireless | NYSE Composite vs. Gentex | NYSE Composite vs. Modine Manufacturing |
| DEUTSCHE vs. Hudson Technologies | DEUTSCHE vs. American Airlines Group | DEUTSCHE vs. Hawkins | DEUTSCHE vs. International Consolidated Airlines |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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