Correlation Analysis Between NIKKEI 225 and Israel Index

This module allows you to analyze existing cross correlation between NIKKEI 225 and Israel Index. You can compare the effects of market volatilities on NIKKEI 225 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 NIKKEI 225 with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of NIKKEI 225 and Israel Index.
 Time Horizon     30 Days    Login   to change
Symbolsvs

NIKKEI 225  vs.  Israel Index

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NIKKEI 225 is expected to under-perform the Israel Index. In addition to that, NIKKEI 225 is 1.14 times more volatile than Israel Index. It trades about -0.04 of its total potential returns per unit of risk. Israel Index is currently generating about -0.02 per unit of volatility. If you would invest  109,348  in Israel Index on June 15, 2018 and sell it today you would lose (522.00)  from holding Israel Index or give up 0.48% of portfolio value over 30 days.

Pair Corralation between NIKKEI 225 and Israel Index

-0.16
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy82.14%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding NIKKEI 225 and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and NIKKEI 225 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 NIKKEI 225 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 NIKKEI 225 i.e. NIKKEI 225 and Israel Index go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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