DAX Index Correlations

Indexes . Germany . 
Index . DAX Index
GDAXI Index   24,290  81.42  0.33%   
The current 90-days correlation between DAX Index and Gruppo Mutuionline SpA is -0.05 (i.e., Good diversification). The correlation of DAX Index is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
The ability to find closely correlated positions to DAX Index could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace DAX Index when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back DAX Index - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling DAX Index to buy it.

Moving together with DAX Index

  0.9MSF MicrosoftPairCorr
  0.9MSF MicrosoftPairCorr
  0.9MSF MicrosoftPairCorr
  0.89MSF MicrosoftPairCorr
  0.79L5A Canadian SolarPairCorr
  0.7SBS Stratec SEPairCorr
  0.79BO8 BANK OF THEPairCorr
  0.677WE SENKO GROUP HOLDINGSPairCorr
  0.72PG4 PRINCIPAL FINANCIALPairCorr
  0.62EFX EQUIFAX INC Earnings Call This WeekPairCorr
  0.74E5T Eurotech SpAPairCorr
  0.71KGHA KGHM Polska MiedzPairCorr
  0.68NNND Tencent HoldingsPairCorr
  0.88G24 Scout24 SEPairCorr
  0.94HBC1 HSBC Holdings plcPairCorr
  0.81MZ8A Mizuho FinancialPairCorr
  0.61UIMC UBSFund SolutionsPairCorr
  0.9ZPDM SPDR SP MaterialsPairCorr
  0.937RIP HANetf ICAVPairCorr
  0.93V3PA Vanguard ESG DevelopedPairCorr
  0.75UIM5 UBS Fund SolutionsPairCorr
  0.83ETHC 21Shares Ethereum CorePairCorr
  0.86ANAU AXA IM NasdaqPairCorr
  0.98JRZD JPM Eurozone ResearchPairCorr
  0.97ETLN Legal General UCITSPairCorr
  0.9JNHD Multi Units LuxembourgPairCorr
  0.95UEFE UBSFund SolutionsPairCorr
  0.9VUSA Vanguard Funds PublicPairCorr

Moving against DAX Index

  0.99DBPD Xtrackers ShortDAXPairCorr
  0.39V5H Adelayde Exploration SplitPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
WN6
+ 0.93
WN6
WN6
+ 0.71
ZYR1
WN6
+ 0.7
ZYR1
WN6
+ 0.68
MNL
WN6
+ 0.66
MNL
UUEC
+ 0.52
MNL
  
High negative correlations   
WN6
- 0.84
CH5
WN6
- 0.79
CH5
CH5
- 0.66
ZYR1
US8
- 0.64
CH5
CH5
- 0.57
MNL
UUEC
- 0.55
CH5

Risk-Adjusted Indicators

There is a big difference between DAX Index performing well and DAX Index Index doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze DAX Index's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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DAX Index Distribution of Returns

   Predicted Return Density   
       Returns  
DAX Index's volatility is measured either by using standard deviation or beta. Standard deviation will reflect the average amount of how dax index's price will differ from the mean after some time.To get its calculation, you should first determine the mean price during the specified period then subtract that from each price point.

What Drives a DAX Index Price Volatility?

Several factors can influence a index's market volatility:

Industry

Specific events can influence volatility within a particular industry. For instance, a significant weather upheaval in a crucial oil-production site may cause oil prices to increase in the oil sector. The direct result will be the rise in the stock price of oil distribution companies. Similarly, any government regulation in a specific industry could negatively influence stock prices due to increased regulations on compliance that may impact the company's future earnings and growth.

Political and Economic environment

When governments make significant decisions regarding trade agreements, policies, and legislation regarding specific industries, they will influence stock prices. Everything from speeches to elections may influence investors, who can directly influence the stock prices in any particular industry. The prevailing economic situation also plays a significant role in stock prices. When the economy is doing well, investors will have a positive reaction and hence, better stock prices and vice versa.

The Company's Performance

Sometimes volatility will only affect an individual company. For example, a revolutionary product launch or strong earnings report may attract many investors to purchase the company. This positive attention will raise the company's stock price. In contrast, product recalls and data breaches may negatively influence a company's stock prices.

DAX Index Against Global Markets

 

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