Pair Correlation Between EURONEXT BEL-20 and Israel Index

This module allows you to analyze existing cross correlation between EURONEXT BEL-20 and Israel Index. You can compare the effects of market volatilities on EURONEXT BEL-20 and Israel 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 EURONEXT BEL-20 with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of EURONEXT BEL-20 and Israel Index.
 Time Horizon     30 Days    Login   to change
 EURONEXT BEL-20  vs   Israel Index
 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, EURONEXT BEL-20 is expected to generate 1.01 times more return on investment than Israel Index. However, EURONEXT BEL-20 is 1.01 times more volatile than Israel Index. It trades about 0.0 of its potential returns per unit of risk. Israel Index is currently generating about -0.12 per unit of risk. If you would invest  392,246  in EURONEXT BEL-20 on February 18, 2018 and sell it today you would lose (182.01)  from holding EURONEXT BEL-20 or give up 0.05% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between EURONEXT BEL-20 and Israel Index


Time Period1 Month [change]
StrengthVery Strong
ValuesDaily Returns


No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding EURONEXT BEL-20 and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and EURONEXT BEL-20 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 EURONEXT BEL-20 are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of EURONEXT BEL-20 i.e. EURONEXT BEL-20 and Israel Index go up and down completely randomly.

Comparative Volatility

 Predicted Return Density