Correlation Between VINACAPITAL VN100 and KIM GROWTH
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By analyzing existing cross correlation between VINACAPITAL VN100 ETF and KIM GROWTH VN, you can compare the effects of market volatilities on VINACAPITAL VN100 and KIM GROWTH 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 VINACAPITAL VN100 with a short position of KIM GROWTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of VINACAPITAL VN100 and KIM GROWTH.
Diversification Opportunities for VINACAPITAL VN100 and KIM GROWTH
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between VINACAPITAL and KIM is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding VINACAPITAL VN100 ETF and KIM GROWTH VN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KIM GROWTH VN and VINACAPITAL VN100 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 VINACAPITAL VN100 ETF are associated (or correlated) with KIM GROWTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KIM GROWTH VN has no effect on the direction of VINACAPITAL VN100 i.e., VINACAPITAL VN100 and KIM GROWTH go up and down completely randomly.
Pair Corralation between VINACAPITAL VN100 and KIM GROWTH
Assuming the 90 days trading horizon VINACAPITAL VN100 ETF is expected to generate 0.75 times more return on investment than KIM GROWTH. However, VINACAPITAL VN100 ETF is 1.33 times less risky than KIM GROWTH. It trades about -0.03 of its potential returns per unit of risk. KIM GROWTH VN is currently generating about -0.22 per unit of risk. If you would invest 1,760,000 in VINACAPITAL VN100 ETF on September 3, 2024 and sell it today you would lose (10,000) from holding VINACAPITAL VN100 ETF or give up 0.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 52.38% |
| Values | Daily Returns |
VINACAPITAL VN100 ETF vs. KIM GROWTH VN
Performance |
| Timeline |
| VINACAPITAL VN100 ETF |
| KIM GROWTH VN |
VINACAPITAL VN100 and KIM GROWTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VINACAPITAL VN100 and KIM GROWTH
The main advantage of trading using opposite VINACAPITAL VN100 and KIM GROWTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VINACAPITAL VN100 position performs unexpectedly, KIM GROWTH 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 KIM GROWTH will offset losses from the drop in KIM GROWTH's long position.| VINACAPITAL VN100 vs. Idico JSC | VINACAPITAL VN100 vs. Song Hong Garment | VINACAPITAL VN100 vs. Alphanam ME | VINACAPITAL VN100 vs. Hochiminh City Metal |
| KIM GROWTH vs. Idico JSC | KIM GROWTH vs. Song Hong Garment | KIM GROWTH vs. Alphanam ME | KIM GROWTH vs. Hochiminh City Metal |
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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