Correlation Between Hochiminh City and SSIAM VNX50
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By analyzing existing cross correlation between Hochiminh City Metal and SSIAM VNX50 ETF, you can compare the effects of market volatilities on Hochiminh City and SSIAM VNX50 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 Hochiminh City with a short position of SSIAM VNX50. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hochiminh City and SSIAM VNX50.
Diversification Opportunities for Hochiminh City and SSIAM VNX50
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hochiminh and SSIAM is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Hochiminh City Metal and SSIAM VNX50 ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSIAM VNX50 ETF and Hochiminh City 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 Hochiminh City Metal are associated (or correlated) with SSIAM VNX50. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSIAM VNX50 ETF has no effect on the direction of Hochiminh City i.e., Hochiminh City and SSIAM VNX50 go up and down completely randomly.
Pair Corralation between Hochiminh City and SSIAM VNX50
Assuming the 90 days trading horizon Hochiminh City Metal is expected to generate 0.47 times more return on investment than SSIAM VNX50. However, Hochiminh City Metal is 2.11 times less risky than SSIAM VNX50. It trades about 0.07 of its potential returns per unit of risk. SSIAM VNX50 ETF is currently generating about -0.02 per unit of risk. If you would invest 1,095,000 in Hochiminh City Metal on September 4, 2024 and sell it today you would earn a total of 15,000 from holding Hochiminh City Metal or generate 1.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hochiminh City Metal vs. SSIAM VNX50 ETF
Performance |
| Timeline |
| Hochiminh City Metal |
| SSIAM VNX50 ETF |
Hochiminh City and SSIAM VNX50 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hochiminh City and SSIAM VNX50
The main advantage of trading using opposite Hochiminh City and SSIAM VNX50 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hochiminh City position performs unexpectedly, SSIAM VNX50 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 SSIAM VNX50 will offset losses from the drop in SSIAM VNX50's long position.| Hochiminh City vs. HUD1 Investment and | Hochiminh City vs. Development Investment Construction | Hochiminh City vs. Vina2 Investment and | Hochiminh City vs. Bich Chi Food |
| SSIAM VNX50 vs. Idico JSC | SSIAM VNX50 vs. Song Hong Garment | SSIAM VNX50 vs. Alphanam ME | SSIAM VNX50 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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