Correlation Between Vietnam JSCmmercial and Techcom Vietnam
Specify exactly 2 symbols:
By analyzing existing cross correlation between Vietnam JSCmmercial Bank and Techcom Vietnam REIT, you can compare the effects of market volatilities on Vietnam JSCmmercial 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 Vietnam JSCmmercial with a short position of Techcom Vietnam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vietnam JSCmmercial and Techcom Vietnam.
Diversification Opportunities for Vietnam JSCmmercial and Techcom Vietnam
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Vietnam and Techcom is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Vietnam JSCmmercial Bank 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 Vietnam JSCmmercial 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 Vietnam JSCmmercial Bank 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 Vietnam JSCmmercial i.e., Vietnam JSCmmercial and Techcom Vietnam go up and down completely randomly.
Pair Corralation between Vietnam JSCmmercial and Techcom Vietnam
Assuming the 90 days trading horizon Vietnam JSCmmercial Bank is expected to generate 0.25 times more return on investment than Techcom Vietnam. However, Vietnam JSCmmercial Bank is 4.0 times less risky than Techcom Vietnam. It trades about -0.01 of its potential returns per unit of risk. Techcom Vietnam REIT is currently generating about -0.18 per unit of risk. If you would invest 3,810,000 in Vietnam JSCmmercial Bank on November 3, 2024 and sell it today you would lose (10,000) from holding Vietnam JSCmmercial Bank or give up 0.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
Vietnam JSCmmercial Bank vs. Techcom Vietnam REIT
Performance |
| Timeline |
| Vietnam JSCmmercial Bank |
| Techcom Vietnam REIT |
Vietnam JSCmmercial and Techcom Vietnam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vietnam JSCmmercial and Techcom Vietnam
The main advantage of trading using opposite Vietnam JSCmmercial and Techcom Vietnam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vietnam JSCmmercial 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.| Vietnam JSCmmercial vs. Telecoms Informatics JSC | Vietnam JSCmmercial vs. Tin Nghia Industrial | Vietnam JSCmmercial vs. Investment and Industrial | Vietnam JSCmmercial vs. Tienlen Steel Corp |
| Techcom Vietnam vs. FIT INVEST JSC | Techcom Vietnam vs. Damsan JSC | Techcom Vietnam vs. An Phat Plastic | Techcom Vietnam vs. APG Securities Joint |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |