Correlation Analysis Between Israel Index and NQEGT

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

 Predicted Return Density 
      Returns 

Israel Index  vs.  NQEGT

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Israel Index is expected to generate 4.24 times less return on investment than NQEGT. In addition to that, Israel Index is 1.33 times more volatile than NQEGT. It trades about 0.07 of its total potential returns per unit of risk. NQEGT is currently generating about 0.42 per unit of volatility. If you would invest  105,925  in NQEGT on January 18, 2019 and sell it today you would earn a total of  20,661  from holding NQEGT or generate 19.51% return on investment over 30 days.

Pair Corralation between Israel Index and NQEGT

0.65
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Israel Index and NQEGT

Israel Index diversification synergy

Poor diversification

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