Correlation Between Aurubis AG and Deutsche Wohnen
Specify exactly 2 symbols:
By analyzing existing cross correlation between Aurubis AG and Deutsche Wohnen SE, you can compare the effects of market volatilities on Aurubis AG and Deutsche Wohnen 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 Aurubis AG with a short position of Deutsche Wohnen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aurubis AG and Deutsche Wohnen.
Diversification Opportunities for Aurubis AG and Deutsche Wohnen
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aurubis and Deutsche is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Aurubis AG and Deutsche Wohnen SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Deutsche Wohnen SE and Aurubis AG 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 Aurubis AG are associated (or correlated) with Deutsche Wohnen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Deutsche Wohnen SE has no effect on the direction of Aurubis AG i.e., Aurubis AG and Deutsche Wohnen go up and down completely randomly.
Pair Corralation between Aurubis AG and Deutsche Wohnen
Assuming the 90 days trading horizon Aurubis AG is expected to generate 1.37 times less return on investment than Deutsche Wohnen. In addition to that, Aurubis AG is 1.05 times more volatile than Deutsche Wohnen SE. It trades about 0.01 of its total potential returns per unit of risk. Deutsche Wohnen SE is currently generating about 0.02 per unit of volatility. If you would invest 2,057 in Deutsche Wohnen SE on September 24, 2024 and sell it today you would earn a total of 263.00 from holding Deutsche Wohnen SE or generate 12.79% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Aurubis AG vs. Deutsche Wohnen SE
Performance |
Timeline |
Aurubis AG |
Deutsche Wohnen SE |
Aurubis AG and Deutsche Wohnen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Aurubis AG and Deutsche Wohnen
The main advantage of trading using opposite Aurubis AG and Deutsche Wohnen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aurubis AG position performs unexpectedly, Deutsche Wohnen can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Deutsche Wohnen will offset losses from the drop in Deutsche Wohnen's long position.Aurubis AG vs. T MOBILE US | Aurubis AG vs. Spirent Communications plc | Aurubis AG vs. WillScot Mobile Mini | Aurubis AG vs. Shenandoah Telecommunications |
Deutsche Wohnen vs. Gateway Real Estate | Deutsche Wohnen vs. TIMES CHINA HLDGS | Deutsche Wohnen vs. LANDSEA HOMES P | Deutsche Wohnen vs. Greenland Hong Kong |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |