Correlation Between Atesco Industrial and Saigon Thuong
Can any of the company-specific risk be diversified away by investing in both Atesco Industrial and Saigon Thuong at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Atesco Industrial and Saigon Thuong into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atesco Industrial Cartering and Saigon Thuong Tin, you can compare the effects of market volatilities on Atesco Industrial and Saigon Thuong 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 Atesco Industrial with a short position of Saigon Thuong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atesco Industrial and Saigon Thuong.
Diversification Opportunities for Atesco Industrial and Saigon Thuong
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Atesco and Saigon is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Atesco Industrial Cartering and Saigon Thuong Tin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saigon Thuong Tin and Atesco Industrial 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 Atesco Industrial Cartering are associated (or correlated) with Saigon Thuong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saigon Thuong Tin has no effect on the direction of Atesco Industrial i.e., Atesco Industrial and Saigon Thuong go up and down completely randomly.
Pair Corralation between Atesco Industrial and Saigon Thuong
Assuming the 90 days trading horizon Atesco Industrial Cartering is expected to generate 3.02 times more return on investment than Saigon Thuong. However, Atesco Industrial is 3.02 times more volatile than Saigon Thuong Tin. It trades about 0.05 of its potential returns per unit of risk. Saigon Thuong Tin is currently generating about 0.02 per unit of risk. If you would invest 1,200,000 in Atesco Industrial Cartering on September 14, 2024 and sell it today you would earn a total of 320,000 from holding Atesco Industrial Cartering or generate 26.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 38.62% |
| Values | Daily Returns |
Atesco Industrial Cartering vs. Saigon Thuong Tin
Performance |
| Timeline |
| Atesco Industrial |
| Saigon Thuong Tin |
Atesco Industrial and Saigon Thuong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atesco Industrial and Saigon Thuong
The main advantage of trading using opposite Atesco Industrial and Saigon Thuong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atesco Industrial position performs unexpectedly, Saigon Thuong 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 Saigon Thuong will offset losses from the drop in Saigon Thuong's long position.| Atesco Industrial vs. Asia Commercial Bank | Atesco Industrial vs. 1369 Construction JSC | Atesco Industrial vs. Mobile World Investment | Atesco Industrial vs. Construction JSC No5 |
| Saigon Thuong vs. Song Hong Garment | Saigon Thuong vs. Alphanam ME | Saigon Thuong vs. Hochiminh City Metal | Saigon Thuong 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |