Correlation Between HNX 30 and Kien Giang
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By analyzing existing cross correlation between HNX 30 and Kien Giang Construction, you can compare the effects of market volatilities on HNX 30 and Kien Giang 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 Kien Giang. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Kien Giang.
Diversification Opportunities for HNX 30 and Kien Giang
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HNX and Kien is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Kien Giang Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kien Giang 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 Kien Giang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kien Giang Construction has no effect on the direction of HNX 30 i.e., HNX 30 and Kien Giang go up and down completely randomly.
Pair Corralation between HNX 30 and Kien Giang
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.38 times more return on investment than Kien Giang. However, HNX 30 is 2.66 times less risky than Kien Giang. It trades about -0.12 of its potential returns per unit of risk. Kien Giang Construction is currently generating about -0.15 per unit of risk. If you would invest 48,290 in HNX 30 on August 28, 2024 and sell it today you would lose (1,116) from holding HNX 30 or give up 2.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. Kien Giang Construction
Performance |
| Timeline |
HNX 30 and Kien Giang Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Kien Giang Construction
Pair trading matchups for Kien Giang
Pair Trading with HNX 30 and Kien Giang
The main advantage of trading using opposite HNX 30 and Kien Giang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Kien Giang 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 Kien Giang will offset losses from the drop in Kien Giang'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 |
| Kien Giang vs. FIT INVEST JSC | Kien Giang vs. Damsan JSC | Kien Giang vs. An Phat Plastic | Kien Giang 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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