Correlation Between HNX 30 and ASG Corp
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By analyzing existing cross correlation between HNX 30 and ASG Corp, you can compare the effects of market volatilities on HNX 30 and ASG Corp 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 ASG Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and ASG Corp.
Diversification Opportunities for HNX 30 and ASG Corp
Poor diversification
The 3 months correlation between HNX and ASG is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and ASG Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASG Corp 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 ASG Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASG Corp has no effect on the direction of HNX 30 i.e., HNX 30 and ASG Corp go up and down completely randomly.
Pair Corralation between HNX 30 and ASG Corp
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.94 times more return on investment than ASG Corp. However, HNX 30 is 1.06 times less risky than ASG Corp. It trades about 0.0 of its potential returns per unit of risk. ASG Corp is currently generating about -0.05 per unit of risk. If you would invest 47,827 in HNX 30 on August 26, 2024 and sell it today you would lose (1,030) from holding HNX 30 or give up 2.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 89.75% |
| Values | Daily Returns |
HNX 30 vs. ASG Corp
Performance |
| Timeline |
HNX 30 and ASG Corp Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
ASG Corp
Pair trading matchups for ASG Corp
Pair Trading with HNX 30 and ASG Corp
The main advantage of trading using opposite HNX 30 and ASG Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, ASG Corp 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 ASG Corp will offset losses from the drop in ASG Corp's long position.| HNX 30 vs. 577 Investment Corp | HNX 30 vs. Din Capital Investment | HNX 30 vs. Saigon Beer Alcohol | HNX 30 vs. Danang Education Investment |
| ASG Corp vs. Vietnam Airlines JSC | ASG Corp vs. Post and Telecommunications | ASG Corp vs. Elcom Technology Communications | ASG Corp vs. Military 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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