Correlation Between Lerøy Seafood and DAX Index
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By analyzing existing cross correlation between Lery Seafood Group and DAX Index, you can compare the effects of market volatilities on Lerøy Seafood and DAX 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 Lerøy Seafood with a short position of DAX Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lerøy Seafood and DAX Index.
Diversification Opportunities for Lerøy Seafood and DAX Index
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Lerøy and DAX is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Lery Seafood Group and DAX Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DAX Index and Lerøy Seafood 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 Lery Seafood Group are associated (or correlated) with DAX Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DAX Index has no effect on the direction of Lerøy Seafood i.e., Lerøy Seafood and DAX Index go up and down completely randomly.
Pair Corralation between Lerøy Seafood and DAX Index
Assuming the 90 days horizon Lery Seafood Group is expected to generate 2.19 times more return on investment than DAX Index. However, Lerøy Seafood is 2.19 times more volatile than DAX Index. It trades about 0.31 of its potential returns per unit of risk. DAX Index is currently generating about 0.52 per unit of risk. If you would invest 408.00 in Lery Seafood Group on October 24, 2024 and sell it today you would earn a total of 32.00 from holding Lery Seafood Group or generate 7.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lery Seafood Group vs. DAX Index
Performance |
| Timeline |
Lerøy Seafood and DAX Index Volatility Contrast
Predicted Return Density |
| Returns |
Lery Seafood Group
Pair trading matchups for Lerøy Seafood
DAX Index
Pair trading matchups for DAX Index
Pair Trading with Lerøy Seafood and DAX Index
The main advantage of trading using opposite Lerøy Seafood and DAX Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lerøy Seafood position performs unexpectedly, DAX 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 DAX Index will offset losses from the drop in DAX Index's long position.| Lerøy Seafood vs. Mowi ASA | Lerøy Seafood vs. LEROY SEAFOOD GRUNSPADR | Lerøy Seafood vs. Yihai International Holding | Lerøy Seafood vs. Lery Seafood Group |
| DAX Index vs. United Natural Foods | DAX Index vs. Salesforce | DAX Index vs. Maple Leaf Foods | DAX Index vs. MUTUIONLINE |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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