Correlation Between HNX 30 and Tien Son
Specify exactly 2 symbols:
By analyzing existing cross correlation between HNX 30 and Tien Son Thanh, you can compare the effects of market volatilities on HNX 30 and Tien Son 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 HNX 30 with a short position of Tien Son. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Tien Son.
Diversification Opportunities for HNX 30 and Tien Son
Poor diversification
The 3 months correlation between HNX and Tien is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Tien Son Thanh in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tien Son Thanh and HNX 30 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 HNX 30 are associated (or correlated) with Tien Son. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tien Son Thanh has no effect on the direction of HNX 30 i.e., HNX 30 and Tien Son go up and down completely randomly.
Pair Corralation between HNX 30 and Tien Son
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Tien Son. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 1.56 times less risky than Tien Son. The index trades about -0.22 of its potential returns per unit of risk. The Tien Son Thanh is currently generating about -0.12 of returns per unit of risk over similar time horizon. If you would invest 360,000 in Tien Son Thanh on August 30, 2024 and sell it today you would lose (24,000) from holding Tien Son Thanh or give up 6.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.73% |
| Values | Daily Returns |
HNX 30 vs. Tien Son Thanh
Performance |
| Timeline |
HNX 30 and Tien Son Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Tien Son Thanh
Pair trading matchups for Tien Son
Pair Trading with HNX 30 and Tien Son
The main advantage of trading using opposite HNX 30 and Tien Son positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Tien Son 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 Tien Son will offset losses from the drop in Tien Son's long position.| HNX 30 vs. Fecon Mining JSC | HNX 30 vs. Hanoi Beer Alcohol | HNX 30 vs. Construction And Investment | HNX 30 vs. HUD1 Investment and |
| Tien Son vs. VTC Telecommunications JSC | Tien Son vs. Fecon Mining JSC | Tien Son vs. BaoMinh Insurance Corp | Tien Son vs. Petrolimex Insurance Corp |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |