Correlation Between Techcom Vietnam and VietinBank Securities
Specify exactly 2 symbols:
By analyzing existing cross correlation between Techcom Vietnam REIT and VietinBank Securities JSC, you can compare the effects of market volatilities on Techcom Vietnam and VietinBank Securities 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 Techcom Vietnam with a short position of VietinBank Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techcom Vietnam and VietinBank Securities.
Diversification Opportunities for Techcom Vietnam and VietinBank Securities
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Techcom and VietinBank is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Techcom Vietnam REIT and VietinBank Securities JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VietinBank Securities JSC and Techcom Vietnam 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 Techcom Vietnam REIT are associated (or correlated) with VietinBank Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VietinBank Securities JSC has no effect on the direction of Techcom Vietnam i.e., Techcom Vietnam and VietinBank Securities go up and down completely randomly.
Pair Corralation between Techcom Vietnam and VietinBank Securities
Assuming the 90 days trading horizon Techcom Vietnam REIT is expected to under-perform the VietinBank Securities. In addition to that, Techcom Vietnam is 2.85 times more volatile than VietinBank Securities JSC. It trades about -0.18 of its total potential returns per unit of risk. VietinBank Securities JSC is currently generating about -0.18 per unit of volatility. If you would invest 3,535,000 in VietinBank Securities JSC on November 3, 2024 and sell it today you would lose (175,000) from holding VietinBank Securities JSC or give up 4.95% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
Techcom Vietnam REIT vs. VietinBank Securities JSC
Performance |
| Timeline |
| Techcom Vietnam REIT |
| VietinBank Securities JSC |
Techcom Vietnam and VietinBank Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techcom Vietnam and VietinBank Securities
The main advantage of trading using opposite Techcom Vietnam and VietinBank Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techcom Vietnam position performs unexpectedly, VietinBank Securities 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 VietinBank Securities will offset losses from the drop in VietinBank Securities' long position.| Techcom Vietnam vs. FIT INVEST JSC | Techcom Vietnam vs. Damsan JSC | Techcom Vietnam vs. An Phat Plastic | Techcom Vietnam vs. APG Securities Joint |
| VietinBank Securities vs. Sea Air Freight | VietinBank Securities vs. IDJ FINANCIAL | VietinBank Securities vs. Military Insurance Corp | VietinBank Securities vs. DOMESCO Medical Import |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |