Correlation Between HNX 30 and FPT Digital
Specify exactly 2 symbols:
By analyzing existing cross correlation between HNX 30 and FPT Digital Retail, you can compare the effects of market volatilities on HNX 30 and FPT Digital 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 FPT Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and FPT Digital.
Diversification Opportunities for HNX 30 and FPT Digital
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HNX and FPT is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and FPT Digital Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FPT Digital Retail 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 FPT Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FPT Digital Retail has no effect on the direction of HNX 30 i.e., HNX 30 and FPT Digital go up and down completely randomly.
Pair Corralation between HNX 30 and FPT Digital
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the FPT Digital. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 1.25 times less risky than FPT Digital. The index trades about -0.04 of its potential returns per unit of risk. The FPT Digital Retail is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 16,990,000 in FPT Digital Retail on September 2, 2024 and sell it today you would earn a total of 860,000 from holding FPT Digital Retail or generate 5.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. FPT Digital Retail
Performance |
| Timeline |
HNX 30 and FPT Digital Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
FPT Digital Retail
Pair trading matchups for FPT Digital
Pair Trading with HNX 30 and FPT Digital
The main advantage of trading using opposite HNX 30 and FPT Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, FPT Digital 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 FPT Digital will offset losses from the drop in FPT Digital's long position.| HNX 30 vs. Hai An Transport | HNX 30 vs. Pha Lai Thermal | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. Petrolimex Information Technology |
| FPT Digital vs. FIT INVEST JSC | FPT Digital vs. Damsan JSC | FPT Digital vs. An Phat Plastic | FPT Digital 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |