Correlation Between Alphanam and SSIAM VNFIN
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By analyzing existing cross correlation between Alphanam ME and SSIAM VNFIN LEAD, you can compare the effects of market volatilities on Alphanam and SSIAM VNFIN 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 Alphanam with a short position of SSIAM VNFIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alphanam and SSIAM VNFIN.
Diversification Opportunities for Alphanam and SSIAM VNFIN
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Alphanam and SSIAM is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Alphanam ME and SSIAM VNFIN LEAD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSIAM VNFIN LEAD and Alphanam 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 Alphanam ME are associated (or correlated) with SSIAM VNFIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSIAM VNFIN LEAD has no effect on the direction of Alphanam i.e., Alphanam and SSIAM VNFIN go up and down completely randomly.
Pair Corralation between Alphanam and SSIAM VNFIN
Assuming the 90 days trading horizon Alphanam ME is expected to generate 4.46 times more return on investment than SSIAM VNFIN. However, Alphanam is 4.46 times more volatile than SSIAM VNFIN LEAD. It trades about -0.01 of its potential returns per unit of risk. SSIAM VNFIN LEAD is currently generating about -0.11 per unit of risk. If you would invest 510,000 in Alphanam ME on August 29, 2024 and sell it today you would lose (10,000) from holding Alphanam ME or give up 1.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 50.0% |
| Values | Daily Returns |
Alphanam ME vs. SSIAM VNFIN LEAD
Performance |
| Timeline |
| Alphanam ME |
| SSIAM VNFIN LEAD |
Alphanam and SSIAM VNFIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alphanam and SSIAM VNFIN
The main advantage of trading using opposite Alphanam and SSIAM VNFIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alphanam position performs unexpectedly, SSIAM VNFIN 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 SSIAM VNFIN will offset losses from the drop in SSIAM VNFIN's long position.| Alphanam vs. FIT INVEST JSC | Alphanam vs. Damsan JSC | Alphanam vs. An Phat Plastic | Alphanam vs. APG Securities Joint |
| SSIAM VNFIN vs. Idico JSC | SSIAM VNFIN vs. Alphanam ME | SSIAM VNFIN vs. Hochiminh City Metal | SSIAM VNFIN vs. Atesco Industrial Cartering |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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