Correlation Between HNX 30 and Hoang Huy
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By analyzing existing cross correlation between HNX 30 and Hoang Huy Investment, you can compare the effects of market volatilities on HNX 30 and Hoang Huy 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 Hoang Huy. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Hoang Huy.
Diversification Opportunities for HNX 30 and Hoang Huy
Poor diversification
The 3 months correlation between HNX and Hoang is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Hoang Huy Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoang Huy Investment 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 Hoang Huy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoang Huy Investment has no effect on the direction of HNX 30 i.e., HNX 30 and Hoang Huy go up and down completely randomly.
Pair Corralation between HNX 30 and Hoang Huy
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Hoang Huy. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 1.64 times less risky than Hoang Huy. The index trades about -0.09 of its potential returns per unit of risk. The Hoang Huy Investment is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 758,000 in Hoang Huy Investment on October 30, 2024 and sell it today you would lose (27,000) from holding Hoang Huy Investment or give up 3.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. Hoang Huy Investment
Performance |
| Timeline |
HNX 30 and Hoang Huy Volatility Contrast
Predicted Return Density |
| Returns |
Hoang Huy Investment
Pair trading matchups for Hoang Huy
Pair Trading with HNX 30 and Hoang Huy
The main advantage of trading using opposite HNX 30 and Hoang Huy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Hoang Huy 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 Hoang Huy will offset losses from the drop in Hoang Huy's long position.| HNX 30 vs. Vietnam National Reinsurance | HNX 30 vs. Saigon Telecommunication Technologies | HNX 30 vs. PostTelecommunication Equipment | HNX 30 vs. PVI Reinsurance Corp |
| Hoang Huy vs. Petrolimex International Trading | Hoang Huy vs. MST Investment JSC | Hoang Huy vs. Thong Nhat Rubber | Hoang Huy vs. Southern Rubber Industry |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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