Correlation Between Hanoi Beer and HNX 30
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By analyzing existing cross correlation between Hanoi Beer Alcohol and HNX 30, you can compare the effects of market volatilities on Hanoi Beer and HNX 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 Hanoi Beer with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanoi Beer and HNX 30.
Diversification Opportunities for Hanoi Beer and HNX 30
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hanoi and HNX is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Hanoi Beer Alcohol and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Hanoi Beer 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 Hanoi Beer Alcohol are associated (or correlated) with HNX 30. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HNX 30 has no effect on the direction of Hanoi Beer i.e., Hanoi Beer and HNX 30 go up and down completely randomly.
Pair Corralation between Hanoi Beer and HNX 30
Assuming the 90 days trading horizon Hanoi Beer is expected to generate 27.65 times less return on investment than HNX 30. In addition to that, Hanoi Beer is 3.27 times more volatile than HNX 30. It trades about 0.01 of its total potential returns per unit of risk. HNX 30 is currently generating about 0.56 per unit of volatility. If you would invest 46,410 in HNX 30 on November 28, 2024 and sell it today you would earn a total of 3,823 from holding HNX 30 or generate 8.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 88.24% |
| Values | Daily Returns |
Hanoi Beer Alcohol vs. HNX 30
Performance |
| Timeline |
Hanoi Beer and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Hanoi Beer Alcohol
Pair trading matchups for Hanoi Beer
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Hanoi Beer and HNX 30
The main advantage of trading using opposite Hanoi Beer and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanoi Beer position performs unexpectedly, HNX 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 HNX 30 will offset losses from the drop in HNX 30's long position.| Hanoi Beer vs. SCG Construction JSC | Hanoi Beer vs. HVC Investment and | Hanoi Beer vs. Da Nang Construction | Hanoi Beer vs. Long Giang Investment |
| HNX 30 vs. Vietnam National Reinsurance | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. Hai An Transport | HNX 30 vs. Transimex Transportation JSC |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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