Correlation Between Techcom Vietnam and Global Electrical
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By analyzing existing cross correlation between Techcom Vietnam REIT and Global Electrical Technology, you can compare the effects of market volatilities on Techcom Vietnam and Global Electrical 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 Global Electrical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techcom Vietnam and Global Electrical.
Diversification Opportunities for Techcom Vietnam and Global Electrical
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Techcom and Global is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Techcom Vietnam REIT and Global Electrical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Electrical 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 Global Electrical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Electrical has no effect on the direction of Techcom Vietnam i.e., Techcom Vietnam and Global Electrical go up and down completely randomly.
Pair Corralation between Techcom Vietnam and Global Electrical
Assuming the 90 days trading horizon Techcom Vietnam REIT is expected to generate 0.68 times more return on investment than Global Electrical. However, Techcom Vietnam REIT is 1.47 times less risky than Global Electrical. It trades about 0.06 of its potential returns per unit of risk. Global Electrical Technology is currently generating about 0.0 per unit of risk. If you would invest 570,000 in Techcom Vietnam REIT on August 28, 2024 and sell it today you would earn a total of 14,000 from holding Techcom Vietnam REIT or generate 2.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 75.0% |
| Values | Daily Returns |
Techcom Vietnam REIT vs. Global Electrical Technology
Performance |
| Timeline |
| Techcom Vietnam REIT |
| Global Electrical |
Techcom Vietnam and Global Electrical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techcom Vietnam and Global Electrical
The main advantage of trading using opposite Techcom Vietnam and Global Electrical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techcom Vietnam position performs unexpectedly, Global Electrical 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 Global Electrical will offset losses from the drop in Global Electrical's 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 |
| Global Electrical vs. Idico JSC | Global Electrical vs. Hochiminh City Metal | Global Electrical vs. Atesco Industrial Cartering | Global Electrical vs. Danang Education Investment |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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