Correlation Analysis Between ETFMG Alternative and NIKKEI 225

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

Comparative Performance

 Predicted Return Density 
      Returns 

ETFMG Alternative Harvest  vs.  NIKKEI 225

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, ETFMG Alternative Harvest is expected to under-perform the NIKKEI 225. In addition to that, ETFMG Alternative is 1.83 times more volatile than NIKKEI 225. It trades about -0.06 of its total potential returns per unit of risk. NIKKEI 225 is currently generating about 0.13 per unit of volatility. If you would invest  2,155,651  in NIKKEI 225 on March 26, 2019 and sell it today you would earn a total of  75,107  from holding NIKKEI 225 or generate 3.48% return on investment over 30 days.

Pair Corralation between ETFMG Alternative and NIKKEI 225

-0.18
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy80.0%
ValuesDaily Returns

Diversification Opportunities for ETFMG Alternative and NIKKEI 225

ETFMG Alternative Harvest diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding ETFMG Alternative Harvest and NIKKEI 225 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NIKKEI 225 and ETFMG Alternative 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 ETFMG Alternative Harvest are associated (or correlated) with NIKKEI 225. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIKKEI 225 has no effect on the direction of ETFMG Alternative i.e. ETFMG Alternative and NIKKEI 225 go up and down completely randomly.
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