Correlation Between HNX 30 and Atesco Industrial
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By analyzing existing cross correlation between HNX 30 and Atesco Industrial Cartering, you can compare the effects of market volatilities on HNX 30 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 HNX 30 with a short position of Atesco Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Atesco Industrial.
Diversification Opportunities for HNX 30 and Atesco Industrial
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between HNX and Atesco is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Atesco Industrial Cartering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atesco Industrial 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 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 HNX 30 i.e., HNX 30 and Atesco Industrial go up and down completely randomly.
Pair Corralation between HNX 30 and Atesco Industrial
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.11 times more return on investment than Atesco Industrial. However, HNX 30 is 8.93 times less risky than Atesco Industrial. It trades about -0.26 of its potential returns per unit of risk. Atesco Industrial Cartering is currently generating about -0.13 per unit of risk. If you would invest 51,348 in HNX 30 on August 29, 2024 and sell it today you would lose (4,174) from holding HNX 30 or give up 8.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 69.05% |
| Values | Daily Returns |
HNX 30 vs. Atesco Industrial Cartering
Performance |
| Timeline |
HNX 30 and Atesco Industrial Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Atesco Industrial Cartering
Pair trading matchups for Atesco Industrial
Pair Trading with HNX 30 and Atesco Industrial
The main advantage of trading using opposite HNX 30 and Atesco Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 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.| HNX 30 vs. Vincom Retail JSC | HNX 30 vs. Ducgiang Chemicals Detergent | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. Hai An Transport |
| Atesco Industrial vs. PetroVietnam Transportation Corp | Atesco Industrial vs. Travel Investment and | Atesco Industrial vs. Nam Long Investment | Atesco Industrial vs. Ba Ria Thermal |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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