Correlation Between WIG 30 and Austrian Traded
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By analyzing existing cross correlation between WIG 30 and Austrian Traded Index, you can compare the effects of market volatilities on WIG 30 and Austrian Traded 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 WIG 30 with a short position of Austrian Traded. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and Austrian Traded.
Diversification Opportunities for WIG 30 and Austrian Traded
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between WIG and Austrian is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding WIG 30 and Austrian Traded Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Austrian Traded Index and WIG 30 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 WIG 30 are associated (or correlated) with Austrian Traded. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Austrian Traded Index has no effect on the direction of WIG 30 i.e., WIG 30 and Austrian Traded go up and down completely randomly.
Pair Corralation between WIG 30 and Austrian Traded
Assuming the 90 days trading horizon WIG 30 is expected to generate 1.82 times more return on investment than Austrian Traded. However, WIG 30 is 1.82 times more volatile than Austrian Traded Index. It trades about 0.16 of its potential returns per unit of risk. Austrian Traded Index is currently generating about 0.13 per unit of risk. If you would invest 232,039 in WIG 30 on January 30, 2024 and sell it today you would earn a total of 74,458 from holding WIG 30 or generate 32.09% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
WIG 30 vs. Austrian Traded Index
Performance |
Timeline |
WIG 30 and Austrian Traded Volatility Contrast
Predicted Return Density |
Returns |
WIG 30
Pair trading matchups for WIG 30
Austrian Traded Index
Pair trading matchups for Austrian Traded
Pair Trading with WIG 30 and Austrian Traded
The main advantage of trading using opposite WIG 30 and Austrian Traded positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 30 position performs unexpectedly, Austrian Traded 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 Austrian Traded will offset losses from the drop in Austrian Traded's long position.WIG 30 vs. Globe Trade Centre | WIG 30 vs. LSI Software SA | WIG 30 vs. SOFTWARE MANSION SPOLKA | WIG 30 vs. Play2Chill SA |
Austrian Traded vs. Raiffeisen Bank International | Austrian Traded vs. AMAG Austria Metall | Austrian Traded vs. Vienna Insurance Group | Austrian Traded vs. CNH Industrial NV |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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