Correlation Between HNX 30 and Dong A
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By analyzing existing cross correlation between HNX 30 and Dong A Hotel, you can compare the effects of market volatilities on HNX 30 and Dong A 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 Dong A. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Dong A.
Diversification Opportunities for HNX 30 and Dong A
Almost no diversification
The 3 months correlation between HNX and Dong is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Dong A Hotel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dong A Hotel 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 Dong A. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dong A Hotel has no effect on the direction of HNX 30 i.e., HNX 30 and Dong A go up and down completely randomly.
Pair Corralation between HNX 30 and Dong A
Assuming the 90 days trading horizon HNX 30 is expected to generate 1.05 times more return on investment than Dong A. However, HNX 30 is 1.05 times more volatile than Dong A Hotel. It trades about -0.08 of its potential returns per unit of risk. Dong A Hotel is currently generating about -0.18 per unit of risk. If you would invest 54,250 in HNX 30 on August 31, 2024 and sell it today you would lose (6,271) from holding HNX 30 or give up 11.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. Dong A Hotel
Performance |
| Timeline |
HNX 30 and Dong A Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Dong A Hotel
Pair trading matchups for Dong A
Pair Trading with HNX 30 and Dong A
The main advantage of trading using opposite HNX 30 and Dong A positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Dong A 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 Dong A will offset losses from the drop in Dong A's long position.| HNX 30 vs. PVI Reinsurance Corp | HNX 30 vs. Binh Duong Trade | HNX 30 vs. Vietnam JSCmmercial Bank | HNX 30 vs. Petrolimex Insurance Corp |
| Dong A vs. Song Hong Garment | Dong A vs. Alphanam ME | Dong A vs. Hochiminh City Metal | Dong A vs. Atesco Industrial Cartering |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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