Correlation Between HNX 30 and Petrovietnam Camau
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By analyzing existing cross correlation between HNX 30 and Petrovietnam Camau Fertilizer, you can compare the effects of market volatilities on HNX 30 and Petrovietnam Camau 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 Petrovietnam Camau. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Petrovietnam Camau.
Diversification Opportunities for HNX 30 and Petrovietnam Camau
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HNX and Petrovietnam is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Petrovietnam Camau Fertilizer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Petrovietnam Camau 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 Petrovietnam Camau. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Petrovietnam Camau has no effect on the direction of HNX 30 i.e., HNX 30 and Petrovietnam Camau go up and down completely randomly.
Pair Corralation between HNX 30 and Petrovietnam Camau
Assuming the 90 days trading horizon HNX 30 is expected to generate 3.22 times less return on investment than Petrovietnam Camau. But when comparing it to its historical volatility, HNX 30 is 1.26 times less risky than Petrovietnam Camau. It trades about 0.03 of its potential returns per unit of risk. Petrovietnam Camau Fertilizer is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 2,155,222 in Petrovietnam Camau Fertilizer on August 31, 2024 and sell it today you would earn a total of 1,534,778 from holding Petrovietnam Camau Fertilizer or generate 71.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.46% |
| Values | Daily Returns |
HNX 30 vs. Petrovietnam Camau Fertilizer
Performance |
| Timeline |
HNX 30 and Petrovietnam Camau Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Petrovietnam Camau Fertilizer
Pair trading matchups for Petrovietnam Camau
Pair Trading with HNX 30 and Petrovietnam Camau
The main advantage of trading using opposite HNX 30 and Petrovietnam Camau positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Petrovietnam Camau 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 Petrovietnam Camau will offset losses from the drop in Petrovietnam Camau'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 |
| Petrovietnam Camau vs. 577 Investment Corp | Petrovietnam Camau vs. MST Investment JSC | Petrovietnam Camau vs. Vina2 Investment and | Petrovietnam Camau vs. Dinhvu Port Investment |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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