Correlation Analysis Between NQTH and DAX

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

 Predicted Return Density 
      Returns 

NQTH  vs.  DAX

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQTH is expected to generate 0.87 times more return on investment than DAX. However, NQTH is 1.15 times less risky than DAX. It trades about -0.11 of its potential returns per unit of risk. DAX is currently generating about -0.14 per unit of risk. If you would invest  111,498  in NQTH on November 18, 2018 and sell it today you would lose (5,418)  from holding NQTH or give up 4.86% of portfolio value over 30 days.

Pair Corralation between NQTH and DAX

0.47
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for NQTH and DAX

NQTH diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding NQTH and DAX in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DAX and NQTH 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 NQTH are associated (or correlated) with DAX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DAX has no effect on the direction of NQTH i.e. NQTH and DAX go up and down completely randomly.
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See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.


 
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