Correlation Between Bao Ngoc and Techcom Vietnam
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By analyzing existing cross correlation between Bao Ngoc Investment and Techcom Vietnam REIT, you can compare the effects of market volatilities on Bao Ngoc and Techcom Vietnam 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 Bao Ngoc with a short position of Techcom Vietnam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bao Ngoc and Techcom Vietnam.
Diversification Opportunities for Bao Ngoc and Techcom Vietnam
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bao and Techcom is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Bao Ngoc Investment and Techcom Vietnam REIT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Techcom Vietnam REIT and Bao Ngoc 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 Bao Ngoc Investment are associated (or correlated) with Techcom Vietnam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Techcom Vietnam REIT has no effect on the direction of Bao Ngoc i.e., Bao Ngoc and Techcom Vietnam go up and down completely randomly.
Pair Corralation between Bao Ngoc and Techcom Vietnam
Assuming the 90 days trading horizon Bao Ngoc Investment is expected to generate 0.73 times more return on investment than Techcom Vietnam. However, Bao Ngoc Investment is 1.38 times less risky than Techcom Vietnam. It trades about 0.04 of its potential returns per unit of risk. Techcom Vietnam REIT is currently generating about 0.0 per unit of risk. If you would invest 944,000 in Bao Ngoc Investment on September 2, 2024 and sell it today you would earn a total of 16,000 from holding Bao Ngoc Investment or generate 1.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
Bao Ngoc Investment vs. Techcom Vietnam REIT
Performance |
| Timeline |
| Bao Ngoc Investment |
| Techcom Vietnam REIT |
Bao Ngoc and Techcom Vietnam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bao Ngoc and Techcom Vietnam
The main advantage of trading using opposite Bao Ngoc and Techcom Vietnam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bao Ngoc position performs unexpectedly, Techcom Vietnam 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 Techcom Vietnam will offset losses from the drop in Techcom Vietnam's long position.| Bao Ngoc vs. Innovative Technology Development | Bao Ngoc vs. Saigon Viendong Technology | Bao Ngoc vs. Petrovietnam Drilling Mud | Bao Ngoc vs. Construction And Investment |
| Techcom Vietnam vs. Transport and Industry | Techcom Vietnam vs. PetroVietnam Transportation Corp | Techcom Vietnam vs. Nam Kim Steel | Techcom Vietnam vs. Pacific Petroleum Transportation |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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