Correlation Between SSIAM VNFIN and Atesco Industrial
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By analyzing existing cross correlation between SSIAM VNFIN LEAD and Atesco Industrial Cartering, you can compare the effects of market volatilities on SSIAM VNFIN and Atesco Industrial 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 SSIAM VNFIN with a short position of Atesco Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSIAM VNFIN and Atesco Industrial.
Diversification Opportunities for SSIAM VNFIN and Atesco Industrial
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SSIAM and Atesco is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding SSIAM VNFIN LEAD and Atesco Industrial Cartering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atesco Industrial and SSIAM VNFIN 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 SSIAM VNFIN LEAD are associated (or correlated) with Atesco Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atesco Industrial has no effect on the direction of SSIAM VNFIN i.e., SSIAM VNFIN and Atesco Industrial go up and down completely randomly.
Pair Corralation between SSIAM VNFIN and Atesco Industrial
Assuming the 90 days trading horizon SSIAM VNFIN is expected to generate 1.55 times less return on investment than Atesco Industrial. But when comparing it to its historical volatility, SSIAM VNFIN LEAD is 5.18 times less risky than Atesco Industrial. It trades about 0.06 of its potential returns per unit of risk. Atesco Industrial Cartering is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,580,000 in Atesco Industrial Cartering on August 25, 2024 and sell it today you would lose (300,000) from holding Atesco Industrial Cartering or give up 18.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 37.32% |
| Values | Daily Returns |
SSIAM VNFIN LEAD vs. Atesco Industrial Cartering
Performance |
| Timeline |
| SSIAM VNFIN LEAD |
| Atesco Industrial |
SSIAM VNFIN and Atesco Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSIAM VNFIN and Atesco Industrial
The main advantage of trading using opposite SSIAM VNFIN and Atesco Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSIAM VNFIN position performs unexpectedly, Atesco Industrial 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 Atesco Industrial will offset losses from the drop in Atesco Industrial's long position.| SSIAM VNFIN vs. Idico JSC | SSIAM VNFIN vs. Hochiminh City Metal | SSIAM VNFIN vs. Atesco Industrial Cartering | SSIAM VNFIN vs. MBG Group JSC |
| Atesco Industrial vs. Idico JSC | Atesco Industrial vs. Hochiminh City Metal | Atesco Industrial vs. Danang Education Investment | Atesco Industrial vs. South Basic Chemicals |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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