Correlation Between HNX 30 and VietinBank Securities
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By analyzing existing cross correlation between HNX 30 and VietinBank Securities JSC, you can compare the effects of market volatilities on HNX 30 and VietinBank 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 VietinBank Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and VietinBank Securities.
Diversification Opportunities for HNX 30 and VietinBank Securities
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HNX and VietinBank is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and VietinBank Securities JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VietinBank 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 VietinBank Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VietinBank Securities JSC has no effect on the direction of HNX 30 i.e., HNX 30 and VietinBank Securities go up and down completely randomly.
Pair Corralation between HNX 30 and VietinBank Securities
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.48 times more return on investment than VietinBank Securities. However, HNX 30 is 2.09 times less risky than VietinBank Securities. It trades about -0.12 of its potential returns per unit of risk. VietinBank Securities JSC is currently generating about -0.17 per unit of risk. If you would invest 48,290 in HNX 30 on August 27, 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 | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. VietinBank Securities JSC
Performance |
| Timeline |
HNX 30 and VietinBank Securities Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
VietinBank Securities JSC
Pair trading matchups for VietinBank Securities
Pair Trading with HNX 30 and VietinBank Securities
The main advantage of trading using opposite HNX 30 and VietinBank Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, VietinBank 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 VietinBank Securities will offset losses from the drop in VietinBank Securities' long position.| HNX 30 vs. Vien Dong Investment | HNX 30 vs. Saigon Telecommunication Technologies | HNX 30 vs. Vu Dang Investment | HNX 30 vs. Petrovietnam Technical Services |
| VietinBank Securities vs. FIT INVEST JSC | VietinBank Securities vs. Damsan JSC | VietinBank Securities vs. An Phat Plastic | VietinBank Securities 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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