Correlation Between HNX 30 and Joint Stock
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By analyzing existing cross correlation between HNX 30 and Joint Stock Commercial, you can compare the effects of market volatilities on HNX 30 and Joint Stock 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 Joint Stock. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Joint Stock.
Diversification Opportunities for HNX 30 and Joint Stock
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HNX and Joint is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Joint Stock Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Joint Stock Commercial 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 Joint Stock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Joint Stock Commercial has no effect on the direction of HNX 30 i.e., HNX 30 and Joint Stock go up and down completely randomly.
Pair Corralation between HNX 30 and Joint Stock
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Joint Stock. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 1.84 times less risky than Joint Stock. The index trades about -0.36 of its potential returns per unit of risk. The Joint Stock Commercial is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 3,863,600 in Joint Stock Commercial on October 16, 2024 and sell it today you would earn a total of 66,400 from holding Joint Stock Commercial or generate 1.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. Joint Stock Commercial
Performance |
| Timeline |
HNX 30 and Joint Stock Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Joint Stock Commercial
Pair trading matchups for Joint Stock
Pair Trading with HNX 30 and Joint Stock
The main advantage of trading using opposite HNX 30 and Joint Stock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Joint Stock 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 Joint Stock will offset losses from the drop in Joint Stock's long position.| HNX 30 vs. Binh Duong Trade | HNX 30 vs. Tri Viet Management | HNX 30 vs. Vinhomes JSC | HNX 30 vs. PVI Reinsurance Corp |
| Joint Stock vs. FIT INVEST JSC | Joint Stock vs. Damsan JSC | Joint Stock vs. An Phat Plastic | Joint Stock 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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