Correlation Between Techcom Vietnam and Fecon Mining
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By analyzing existing cross correlation between Techcom Vietnam REIT and Fecon Mining JSC, you can compare the effects of market volatilities on Techcom Vietnam and Fecon Mining 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 Fecon Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techcom Vietnam and Fecon Mining.
Diversification Opportunities for Techcom Vietnam and Fecon Mining
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Techcom and Fecon is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Techcom Vietnam REIT and Fecon Mining JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fecon Mining 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 Fecon Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fecon Mining JSC has no effect on the direction of Techcom Vietnam i.e., Techcom Vietnam and Fecon Mining go up and down completely randomly.
Pair Corralation between Techcom Vietnam and Fecon Mining
Assuming the 90 days trading horizon Techcom Vietnam REIT is expected to generate 2.66 times more return on investment than Fecon Mining. However, Techcom Vietnam is 2.66 times more volatile than Fecon Mining JSC. It trades about 0.06 of its potential returns per unit of risk. Fecon Mining JSC is currently generating about -0.18 per unit of risk. If you would invest 540,000 in Techcom Vietnam REIT on September 4, 2024 and sell it today you would earn a total of 15,000 from holding Techcom Vietnam REIT or generate 2.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
Techcom Vietnam REIT vs. Fecon Mining JSC
Performance |
| Timeline |
| Techcom Vietnam REIT |
| Fecon Mining JSC |
Techcom Vietnam and Fecon Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techcom Vietnam and Fecon Mining
The main advantage of trading using opposite Techcom Vietnam and Fecon Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techcom Vietnam position performs unexpectedly, Fecon Mining 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 Fecon Mining will offset losses from the drop in Fecon Mining's long position.| Techcom Vietnam vs. FIT INVEST JSC | Techcom Vietnam vs. Damsan JSC | Techcom Vietnam vs. An Phat Plastic | Techcom Vietnam vs. Alphanam ME |
| Fecon Mining vs. FIT INVEST JSC | Fecon Mining vs. Damsan JSC | Fecon Mining vs. An Phat Plastic | Fecon Mining vs. Alphanam ME |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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