Correlation Between Direxion Daily and UNIVERSAL CABLES

By analyzing existing cross correlation between Direxion Daily SP and UNIVERSAL CABLES LTD, you can compare the effects of market volatilities on Direxion Daily and UNIVERSAL CABLES 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 Direxion Daily with a short position of UNIVERSAL CABLES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Direxion Daily and UNIVERSAL CABLES.

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Can any of the company-specific risk be diversified away by investing in both Direxion Daily and UNIVERSAL CABLES at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Direxion Daily and UNIVERSAL CABLES into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for Direxion Daily and UNIVERSAL CABLES

0.0
  Correlation Coefficient
Direxion Daily SP
UNIVERSAL CABLES LTD

Pay attention - limited upside

The 3 months correlation between Direxion and UNIVERSAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP 500 Bull 3X and UNIVERSAL CABLES LTD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on UNIVERSAL CABLES LTD and Direxion Daily 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 Direxion Daily SP are associated (or correlated) with UNIVERSAL CABLES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNIVERSAL CABLES LTD has no effect on the direction of Direxion Daily i.e. Direxion Daily and UNIVERSAL CABLES go up and down completely randomly.

Pair Corralation between Direxion Daily and UNIVERSAL CABLES

If you would invest  3,109  in Direxion Daily SP on June 11, 2020 and sell it today you would earn a total of  1,436  from holding Direxion Daily SP or generate 46.19% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Direxion Daily SP 500 Bull 3X  vs.  UNIVERSAL CABLES LTD

 Performance (%) 
      Timeline 
Direxion Daily SP 
99

Direxion Daily Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Direxion Daily SP are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. Even with considerably uncertain technical indicators, Direxion Daily revealed solid returns over the last few months and may actually be approaching a breakup point.
UNIVERSAL CABLES LTD 
00

UNIVERSAL CABLES Risk-Adjusted Performance

Over the last 30 days UNIVERSAL CABLES LTD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, UNIVERSAL CABLES is not utilizing all of its potentials. The last stock price disturbance, may contribute to short term losses for the investors.

Direxion Daily and UNIVERSAL CABLES Volatility Contrast

UNIVERSAL CABLES LTD

Pair trading matchups for UNIVERSAL CABLES

Check out your portfolio center. Please also try Pattern Recognition module to use different pattern recognition models to time the market across multiple global exchanges.


 
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