Correlation Between Greenland Hong and Deutsche Wohnen
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By analyzing existing cross correlation between Greenland Hong Kong and Deutsche Wohnen SE, you can compare the effects of market volatilities on Greenland Hong 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 Greenland Hong with a short position of Deutsche Wohnen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenland Hong and Deutsche Wohnen.
Diversification Opportunities for Greenland Hong and Deutsche Wohnen
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Greenland and Deutsche is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Greenland Hong Kong 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 Greenland Hong 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 Greenland Hong Kong 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 Greenland Hong i.e., Greenland Hong and Deutsche Wohnen go up and down completely randomly.
Pair Corralation between Greenland Hong and Deutsche Wohnen
Assuming the 90 days trading horizon Greenland Hong Kong is expected to under-perform the Deutsche Wohnen. In addition to that, Greenland Hong is 3.98 times more volatile than Deutsche Wohnen SE. It trades about -0.02 of its total potential returns per unit of risk. Deutsche Wohnen SE is currently generating about -0.03 per unit of volatility. If you would invest 2,390 in Deutsche Wohnen SE on September 23, 2024 and sell it today you would lose (70.00) from holding Deutsche Wohnen SE or give up 2.93% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Greenland Hong Kong vs. Deutsche Wohnen SE
Performance |
Timeline |
Greenland Hong Kong |
Deutsche Wohnen SE |
Greenland Hong and Deutsche Wohnen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Greenland Hong and Deutsche Wohnen
The main advantage of trading using opposite Greenland Hong and Deutsche Wohnen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenland Hong 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.Greenland Hong vs. Deutsche Wohnen SE | Greenland Hong vs. Gateway Real Estate | Greenland Hong vs. TIMES CHINA HLDGS | Greenland Hong vs. LANDSEA HOMES P |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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