Correlation Between Ba Ria and Camimex Group
Can any of the company-specific risk be diversified away by investing in both Ba Ria and Camimex Group 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 Ba Ria and Camimex Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ba Ria Thermal and Camimex Group JSC, you can compare the effects of market volatilities on Ba Ria and Camimex Group 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 Ba Ria with a short position of Camimex Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ba Ria and Camimex Group.
Diversification Opportunities for Ba Ria and Camimex Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BTP and Camimex is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ba Ria Thermal and Camimex Group JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Camimex Group JSC and Ba Ria 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 Ba Ria Thermal are associated (or correlated) with Camimex Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Camimex Group JSC has no effect on the direction of Ba Ria i.e., Ba Ria and Camimex Group go up and down completely randomly.
Pair Corralation between Ba Ria and Camimex Group
If you would invest 1,014,564 in Ba Ria Thermal on September 2, 2024 and sell it today you would earn a total of 110,436 from holding Ba Ria Thermal or generate 10.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ba Ria Thermal vs. Camimex Group JSC
Performance |
| Timeline |
| Ba Ria Thermal |
| Camimex Group JSC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ba Ria and Camimex Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ba Ria and Camimex Group
The main advantage of trading using opposite Ba Ria and Camimex Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ba Ria position performs unexpectedly, Camimex Group 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 Camimex Group will offset losses from the drop in Camimex Group's long position.The idea behind Ba Ria Thermal and Camimex Group JSC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Camimex Group vs. Development Investment Construction | Camimex Group vs. Vietnam Petroleum Transport | Camimex Group vs. PetroVietnam Transportation Corp | Camimex Group vs. FPT Digital Retail |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |