Correlation Analysis Between Orthofix International and XU100

This module allows you to analyze existing cross correlation between Orthofix International N V and XU100. You can compare the effects of market volatilities on Orthofix International and XU100 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 Orthofix International with a short position of XU100. See also your portfolio center. Please also check ongoing floating volatility patterns of Orthofix International and XU100.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

Orthofix International N V  vs.  XU100

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Orthofix International N V is expected to under-perform the XU100. But the stock apears to be less risky and, when comparing its historical volatility, Orthofix International N V is 1.51 times less risky than XU100. The stock trades about -0.03 of its potential returns per unit of risk. The XU100 is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest  8,530,958  in XU100 on June 20, 2019 and sell it today you would earn a total of  1,625,667  from holding XU100 or generate 19.06% return on investment over 30 days.

Pair Corralation between Orthofix International and XU100

-0.08
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy72.09%
ValuesDaily Returns

Diversification Opportunities for Orthofix International and XU100

Orthofix International N V diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Orthofix International N V and XU100 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on XU100 and Orthofix International 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 Orthofix International N V are associated (or correlated) with XU100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XU100 has no effect on the direction of Orthofix International i.e. Orthofix International and XU100 go up and down completely randomly.
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