Correlation Between Coreshares Index and WIG 30
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By analyzing existing cross correlation between Coreshares Index Tracker and WIG 30, you can compare the effects of market volatilities on Coreshares Index and WIG 30 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 Coreshares Index with a short position of WIG 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coreshares Index and WIG 30.
Diversification Opportunities for Coreshares Index and WIG 30
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Coreshares and WIG is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Coreshares Index Tracker and WIG 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WIG 30 and Coreshares Index 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 Coreshares Index Tracker are associated (or correlated) with WIG 30. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WIG 30 has no effect on the direction of Coreshares Index i.e., Coreshares Index and WIG 30 go up and down completely randomly.
Pair Corralation between Coreshares Index and WIG 30
Assuming the 90 days trading horizon Coreshares Index Tracker is expected to under-perform the WIG 30. But the etf apears to be less risky and, when comparing its historical volatility, Coreshares Index Tracker is 1.08 times less risky than WIG 30. The etf trades about -0.03 of its potential returns per unit of risk. The WIG 30 is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 302,639 in WIG 30 on January 30, 2024 and sell it today you would earn a total of 3,858 from holding WIG 30 or generate 1.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Coreshares Index Tracker vs. WIG 30
Performance |
Timeline |
Coreshares Index and WIG 30 Volatility Contrast
Predicted Return Density |
Returns |
Coreshares Index Tracker
Pair trading matchups for Coreshares Index
WIG 30
Pair trading matchups for WIG 30
Pair Trading with Coreshares Index and WIG 30
The main advantage of trading using opposite Coreshares Index and WIG 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coreshares Index position performs unexpectedly, WIG 30 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 WIG 30 will offset losses from the drop in WIG 30's long position.Coreshares Index vs. FNB ETN on | Coreshares Index vs. Satrix MSCI World | Coreshares Index vs. Satrix Swix Top |
WIG 30 vs. SOFTWARE MANSION SPOLKA | WIG 30 vs. Carlson Investments SA | WIG 30 vs. LSI Software SA | WIG 30 vs. Santander Bank Polska |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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