Correlation Between HNX 30 and Ben Thanh
Specify exactly 2 symbols:
By analyzing existing cross correlation between HNX 30 and Ben Thanh Rubber, you can compare the effects of market volatilities on HNX 30 and Ben Thanh 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 Ben Thanh. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Ben Thanh.
Diversification Opportunities for HNX 30 and Ben Thanh
Pay attention - limited upside
The 3 months correlation between HNX and Ben is -0.88. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Ben Thanh Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ben Thanh Rubber 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 Ben Thanh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ben Thanh Rubber has no effect on the direction of HNX 30 i.e., HNX 30 and Ben Thanh go up and down completely randomly.
Pair Corralation between HNX 30 and Ben Thanh
Assuming the 90 days trading horizon HNX 30 is expected to generate 1.69 times less return on investment than Ben Thanh. But when comparing it to its historical volatility, HNX 30 is 1.03 times less risky than Ben Thanh. It trades about 0.02 of its potential returns per unit of risk. Ben Thanh Rubber is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,202,464 in Ben Thanh Rubber on August 28, 2024 and sell it today you would earn a total of 207,536 from holding Ben Thanh Rubber or generate 17.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 96.28% |
| Values | Daily Returns |
HNX 30 vs. Ben Thanh Rubber
Performance |
| Timeline |
HNX 30 and Ben Thanh Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Ben Thanh Rubber
Pair trading matchups for Ben Thanh
Pair Trading with HNX 30 and Ben Thanh
The main advantage of trading using opposite HNX 30 and Ben Thanh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Ben Thanh 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 Ben Thanh will offset losses from the drop in Ben Thanh's long position.| HNX 30 vs. Hochiminh City Metal | HNX 30 vs. VTC Telecommunications JSC | HNX 30 vs. Pacific Petroleum Transportation | HNX 30 vs. Danang Education Investment |
| Ben Thanh vs. Hochiminh City Metal | Ben Thanh vs. Techno Agricultural Supplying | Ben Thanh vs. FPT Digital Retail | Ben Thanh vs. Binh Duong Trade |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |