Correlation Between HNX 30 and DOMESCO Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between HNX 30 and DOMESCO Medical Import, you can compare the effects of market volatilities on HNX 30 and DOMESCO Medical 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 DOMESCO Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and DOMESCO Medical.
Diversification Opportunities for HNX 30 and DOMESCO Medical
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HNX and DOMESCO is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and DOMESCO Medical Import in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOMESCO Medical Import 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 DOMESCO Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOMESCO Medical Import has no effect on the direction of HNX 30 i.e., HNX 30 and DOMESCO Medical go up and down completely randomly.
Pair Corralation between HNX 30 and DOMESCO Medical
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.68 times more return on investment than DOMESCO Medical. However, HNX 30 is 1.47 times less risky than DOMESCO Medical. It trades about -0.07 of its potential returns per unit of risk. DOMESCO Medical Import is currently generating about -0.13 per unit of risk. If you would invest 48,733 in HNX 30 on September 1, 2024 and sell it today you would lose (754.00) from holding HNX 30 or give up 1.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 72.73% |
| Values | Daily Returns |
HNX 30 vs. DOMESCO Medical Import
Performance |
| Timeline |
HNX 30 and DOMESCO Medical Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
DOMESCO Medical Import
Pair trading matchups for DOMESCO Medical
Pair Trading with HNX 30 and DOMESCO Medical
The main advantage of trading using opposite HNX 30 and DOMESCO Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, DOMESCO Medical 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 DOMESCO Medical will offset losses from the drop in DOMESCO Medical's long position.| HNX 30 vs. Viet Thanh Plastic | HNX 30 vs. Picomat Plastic JSC | HNX 30 vs. Elcom Technology Communications | HNX 30 vs. Sao Vang Rubber |
| DOMESCO Medical vs. FIT INVEST JSC | DOMESCO Medical vs. Damsan JSC | DOMESCO Medical vs. An Phat Plastic | DOMESCO Medical 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |