Correlation Between Xtrackers ShortDAX and Plug Power
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By analyzing existing cross correlation between Xtrackers ShortDAX and Plug Power, you can compare the effects of market volatilities on Xtrackers ShortDAX and Plug Power 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 Xtrackers ShortDAX with a short position of Plug Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtrackers ShortDAX and Plug Power.
Diversification Opportunities for Xtrackers ShortDAX and Plug Power
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xtrackers and Plug is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Xtrackers ShortDAX and Plug Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plug Power and Xtrackers ShortDAX 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 Xtrackers ShortDAX are associated (or correlated) with Plug Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plug Power has no effect on the direction of Xtrackers ShortDAX i.e., Xtrackers ShortDAX and Plug Power go up and down completely randomly.
Pair Corralation between Xtrackers ShortDAX and Plug Power
Assuming the 90 days trading horizon Xtrackers ShortDAX is expected to under-perform the Plug Power. But the etf apears to be less risky and, when comparing its historical volatility, Xtrackers ShortDAX is 4.51 times less risky than Plug Power. The etf trades about -0.2 of its potential returns per unit of risk. The Plug Power is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 77.00 in Plug Power on April 21, 2025 and sell it today you would earn a total of 78.00 from holding Plug Power or generate 101.3% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Xtrackers ShortDAX vs. Plug Power
Performance |
Timeline |
Xtrackers ShortDAX |
Plug Power |
Xtrackers ShortDAX and Plug Power Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xtrackers ShortDAX and Plug Power
The main advantage of trading using opposite Xtrackers ShortDAX and Plug Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtrackers ShortDAX position performs unexpectedly, Plug Power 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 Plug Power will offset losses from the drop in Plug Power's long position.Xtrackers ShortDAX vs. Xtrackers II Global | Xtrackers ShortDAX vs. Xtrackers FTSE | Xtrackers ShortDAX vs. Xtrackers SP 500 | Xtrackers ShortDAX vs. Xtrackers MSCI |
Plug Power vs. STMICROELECTRONICS | Plug Power vs. JAPAN TOBACCO UNSPADR12 | Plug Power vs. British American Tobacco | Plug Power vs. VARIOUS EATERIES LS |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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