Pair Correlation Between IBEX 35 and NQEGT

This module allows you to analyze existing cross correlation between IBEX 35 and NQEGT. You can compare the effects of market volatilities on IBEX 35 and NQEGT 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 IBEX 35 with a short position of NQEGT. See also your portfolio center. Please also check ongoing floating volatility patterns of IBEX 35 and NQEGT.
 Time Horizon     30 Days    Login   to change
Symbolsvs

IBEX 35  vs.  NQEGT

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, IBEX 35 is expected to generate 629.0 times less return on investment than NQEGT. But when comparing it to its historical volatility, IBEX 35 is 1.11 times less risky than NQEGT. It trades about 0.0 of its potential returns per unit of risk. NQEGT is currently generating about 0.45 of returns per unit of risk over similar time horizon. If you would invest  115,321  in NQEGT on March 22, 2018 and sell it today you would earn a total of  21,599  from holding NQEGT or generate 18.73% return on investment over 30 days.

Pair Corralation between IBEX 35 and NQEGT

0.85
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy92.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding IBEX 35 and NQEGT in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQEGT and IBEX 35 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 IBEX 35 are associated (or correlated) with NQEGT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQEGT has no effect on the direction of IBEX 35 i.e. IBEX 35 and NQEGT go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.