Correlation Between HNX 30 and Ha Long
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By analyzing existing cross correlation between HNX 30 and Ha Long Investment, you can compare the effects of market volatilities on HNX 30 and Ha Long 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 Ha Long. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Ha Long.
Diversification Opportunities for HNX 30 and Ha Long
Very weak diversification
The 3 months correlation between HNX and HID is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Ha Long Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ha Long 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 Ha Long. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ha Long Investment has no effect on the direction of HNX 30 i.e., HNX 30 and Ha Long go up and down completely randomly.
Pair Corralation between HNX 30 and Ha Long
Assuming the 90 days trading horizon HNX 30 is expected to generate 1.32 times more return on investment than Ha Long. However, HNX 30 is 1.32 times more volatile than Ha Long Investment. It trades about -0.07 of its potential returns per unit of risk. Ha Long Investment is currently generating about -0.15 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 | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. Ha Long Investment
Performance |
| Timeline |
HNX 30 and Ha Long Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Ha Long Investment
Pair trading matchups for Ha Long
Pair Trading with HNX 30 and Ha Long
The main advantage of trading using opposite HNX 30 and Ha Long positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Ha Long 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 Ha Long will offset losses from the drop in Ha Long'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 |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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