Correlation Between HNX 30 and Binh Duong
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By analyzing existing cross correlation between HNX 30 and Binh Duong Construction, you can compare the effects of market volatilities on HNX 30 and Binh Duong 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 Binh Duong. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Binh Duong.
Diversification Opportunities for HNX 30 and Binh Duong
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HNX and Binh is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Binh Duong Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Binh Duong Construction 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 Binh Duong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Binh Duong Construction has no effect on the direction of HNX 30 i.e., HNX 30 and Binh Duong go up and down completely randomly.
Pair Corralation between HNX 30 and Binh Duong
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Binh Duong. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 1.92 times less risky than Binh Duong. The index trades about -0.15 of its potential returns per unit of risk. The Binh Duong Construction is currently generating about 0.55 of returns per unit of risk over similar time horizon. If you would invest 560,000 in Binh Duong Construction on August 25, 2024 and sell it today you would earn a total of 119,000 from holding Binh Duong Construction or generate 21.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. Binh Duong Construction
Performance |
| Timeline |
HNX 30 and Binh Duong Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Binh Duong Construction
Pair trading matchups for Binh Duong
Pair Trading with HNX 30 and Binh Duong
The main advantage of trading using opposite HNX 30 and Binh Duong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Binh Duong 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 Binh Duong will offset losses from the drop in Binh Duong's long position.| HNX 30 vs. Petrolimex Petrochemical JSC | HNX 30 vs. Dong A Hotel | HNX 30 vs. Vincom Retail JSC | HNX 30 vs. VTC Telecommunications JSC |
| Binh Duong vs. FIT INVEST JSC | Binh Duong vs. Damsan JSC | Binh Duong vs. An Phat Plastic | Binh Duong vs. APG Securities Joint |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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