Correlation Between Vietnam JSCmmercial and HNX 30
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By analyzing existing cross correlation between Vietnam JSCmmercial Bank and HNX 30, you can compare the effects of market volatilities on Vietnam JSCmmercial 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 Vietnam JSCmmercial with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vietnam JSCmmercial and HNX 30.
Diversification Opportunities for Vietnam JSCmmercial and HNX 30
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Vietnam and HNX is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Vietnam JSCmmercial Bank and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 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 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 Vietnam JSCmmercial i.e., Vietnam JSCmmercial and HNX 30 go up and down completely randomly.
Pair Corralation between Vietnam JSCmmercial and HNX 30
Assuming the 90 days trading horizon Vietnam JSCmmercial Bank is expected to generate 1.63 times more return on investment than HNX 30. However, Vietnam JSCmmercial is 1.63 times more volatile than HNX 30. It trades about 0.07 of its potential returns per unit of risk. HNX 30 is currently generating about -0.12 per unit of risk. If you would invest 3,475,000 in Vietnam JSCmmercial Bank on August 31, 2024 and sell it today you would earn a total of 65,000 from holding Vietnam JSCmmercial Bank or generate 1.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vietnam JSCmmercial Bank vs. HNX 30
Performance |
| Timeline |
Vietnam JSCmmercial and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Vietnam JSCmmercial Bank
Pair trading matchups for Vietnam JSCmmercial
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Vietnam JSCmmercial and HNX 30
The main advantage of trading using opposite Vietnam JSCmmercial and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vietnam JSCmmercial 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.| Vietnam JSCmmercial vs. FIT INVEST JSC | Vietnam JSCmmercial vs. Damsan JSC | Vietnam JSCmmercial vs. An Phat Plastic | Vietnam JSCmmercial vs. Alphanam ME |
| HNX 30 vs. PVI Reinsurance Corp | HNX 30 vs. Binh Duong Trade | HNX 30 vs. Vietnam JSCmmercial Bank | HNX 30 vs. Petrolimex Insurance Corp |
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 Stocks Directory module to find actively traded stocks across global markets.
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