Correlation Between Techcom Vietnam and Petrolimex International
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By analyzing existing cross correlation between Techcom Vietnam REIT and Petrolimex International Trading, you can compare the effects of market volatilities on Techcom Vietnam and Petrolimex International 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 Petrolimex International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techcom Vietnam and Petrolimex International.
Diversification Opportunities for Techcom Vietnam and Petrolimex International
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Techcom and Petrolimex is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Techcom Vietnam REIT and Petrolimex International Tradi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Petrolimex International 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 Petrolimex International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Petrolimex International has no effect on the direction of Techcom Vietnam i.e., Techcom Vietnam and Petrolimex International go up and down completely randomly.
Pair Corralation between Techcom Vietnam and Petrolimex International
Assuming the 90 days trading horizon Techcom Vietnam is expected to generate 12.32 times less return on investment than Petrolimex International. In addition to that, Techcom Vietnam is 1.26 times more volatile than Petrolimex International Trading. It trades about 0.0 of its total potential returns per unit of risk. Petrolimex International Trading is currently generating about 0.03 per unit of volatility. If you would invest 436,000 in Petrolimex International Trading on August 28, 2024 and sell it today you would earn a total of 74,000 from holding Petrolimex International Trading or generate 16.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 78.22% |
| Values | Daily Returns |
Techcom Vietnam REIT vs. Petrolimex International Tradi
Performance |
| Timeline |
| Techcom Vietnam REIT |
| Petrolimex International |
Techcom Vietnam and Petrolimex International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techcom Vietnam and Petrolimex International
The main advantage of trading using opposite Techcom Vietnam and Petrolimex International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techcom Vietnam position performs unexpectedly, Petrolimex International 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 Petrolimex International will offset losses from the drop in Petrolimex International'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 |
| Petrolimex International vs. FIT INVEST JSC | Petrolimex International vs. Damsan JSC | Petrolimex International vs. An Phat Plastic | Petrolimex International 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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