Correlation Between HNX 30 and Vietnam JSCmmercial
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By analyzing existing cross correlation between HNX 30 and Vietnam JSCmmercial Bank, you can compare the effects of market volatilities on HNX 30 and Vietnam JSCmmercial 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 Vietnam JSCmmercial. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Vietnam JSCmmercial.
Diversification Opportunities for HNX 30 and Vietnam JSCmmercial
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HNX and Vietnam is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Vietnam JSCmmercial Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vietnam JSCmmercial Bank 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 Vietnam JSCmmercial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vietnam JSCmmercial Bank has no effect on the direction of HNX 30 i.e., HNX 30 and Vietnam JSCmmercial go up and down completely randomly.
Pair Corralation between HNX 30 and Vietnam JSCmmercial
Assuming the 90 days trading horizon HNX 30 is expected to generate 1.23 times less return on investment than Vietnam JSCmmercial. But when comparing it to its historical volatility, HNX 30 is 1.56 times less risky than Vietnam JSCmmercial. It trades about 0.58 of its potential returns per unit of risk. Vietnam JSCmmercial Bank is currently generating about 0.46 of returns per unit of risk over similar time horizon. If you would invest 3,805,000 in Vietnam JSCmmercial Bank on November 27, 2024 and sell it today you would earn a total of 385,000 from holding Vietnam JSCmmercial Bank or generate 10.12% 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. Vietnam JSCmmercial Bank
Performance |
| Timeline |
HNX 30 and Vietnam JSCmmercial Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Vietnam JSCmmercial Bank
Pair trading matchups for Vietnam JSCmmercial
Pair Trading with HNX 30 and Vietnam JSCmmercial
The main advantage of trading using opposite HNX 30 and Vietnam JSCmmercial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Vietnam JSCmmercial 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 Vietnam JSCmmercial will offset losses from the drop in Vietnam JSCmmercial's long position.| HNX 30 vs. Asia Pacific Investment | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. TDG Global Investment | HNX 30 vs. Everland Investment JSC |
| Vietnam JSCmmercial vs. FIT INVEST JSC | Vietnam JSCmmercial vs. Damsan JSC | Vietnam JSCmmercial vs. An Phat Plastic | Vietnam JSCmmercial vs. Alphanam ME |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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