Correlation Between HNX 30 and FIT INVEST
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By analyzing existing cross correlation between HNX 30 and FIT INVEST JSC, you can compare the effects of market volatilities on HNX 30 and FIT INVEST 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 FIT INVEST. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and FIT INVEST.
Diversification Opportunities for HNX 30 and FIT INVEST
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between HNX and FIT is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and FIT INVEST JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIT INVEST 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 FIT INVEST. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIT INVEST JSC has no effect on the direction of HNX 30 i.e., HNX 30 and FIT INVEST go up and down completely randomly.
Pair Corralation between HNX 30 and FIT INVEST
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.76 times more return on investment than FIT INVEST. However, HNX 30 is 1.31 times less risky than FIT INVEST. It trades about 0.04 of its potential returns per unit of risk. FIT INVEST JSC is currently generating about 0.01 per unit of risk. If you would invest 35,227 in HNX 30 on August 28, 2024 and sell it today you would earn a total of 11,947 from holding HNX 30 or generate 33.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.59% |
| Values | Daily Returns |
HNX 30 vs. FIT INVEST JSC
Performance |
| Timeline |
HNX 30 and FIT INVEST Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
FIT INVEST JSC
Pair trading matchups for FIT INVEST
Pair Trading with HNX 30 and FIT INVEST
The main advantage of trading using opposite HNX 30 and FIT INVEST positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, FIT INVEST 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 FIT INVEST will offset losses from the drop in FIT INVEST's 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 |
| FIT INVEST vs. Hanoi Plastics JSC | FIT INVEST vs. Vietnam Rubber Group | FIT INVEST vs. PVI Reinsurance Corp | FIT INVEST vs. Pacific Petroleum Transportation |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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