Correlation Between HNX 30 and BIDV Securities
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By analyzing existing cross correlation between HNX 30 and BIDV Securities JSC, you can compare the effects of market volatilities on HNX 30 and BIDV Securities 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 BIDV Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and BIDV Securities.
Diversification Opportunities for HNX 30 and BIDV Securities
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HNX and BIDV is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and BIDV Securities JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIDV Securities JSC 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 BIDV Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIDV Securities JSC has no effect on the direction of HNX 30 i.e., HNX 30 and BIDV Securities go up and down completely randomly.
Pair Corralation between HNX 30 and BIDV Securities
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the BIDV Securities. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 70.29 times less risky than BIDV Securities. The index trades about -0.01 of its potential returns per unit of risk. The BIDV Securities JSC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 21,045,000 in BIDV Securities JSC on September 4, 2024 and sell it today you would lose (16,545,000) from holding BIDV Securities JSC or give up 78.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.38% |
| Values | Daily Returns |
HNX 30 vs. BIDV Securities JSC
Performance |
| Timeline |
HNX 30 and BIDV Securities Volatility Contrast
Predicted Return Density |
| Returns |
BIDV Securities JSC
Pair trading matchups for BIDV Securities
Pair Trading with HNX 30 and BIDV Securities
The main advantage of trading using opposite HNX 30 and BIDV Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, BIDV Securities 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 BIDV Securities will offset losses from the drop in BIDV Securities' long position.| HNX 30 vs. Pacific Petroleum Transportation | HNX 30 vs. Petrovietnam Technical Services | HNX 30 vs. Petrolimex Petrochemical JSC | HNX 30 vs. PetroVietnam Transportation Corp |
| BIDV Securities vs. Dinhvu Port Investment | BIDV Securities vs. Vincom Retail JSC | BIDV Securities vs. Japan Vietnam Medical | BIDV Securities vs. HUD1 Investment and |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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