Correlation Between HNX 30 and Vietnam Airlines
Specify exactly 2 symbols:
By analyzing existing cross correlation between HNX 30 and Vietnam Airlines JSC, you can compare the effects of market volatilities on HNX 30 and Vietnam Airlines 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 Vietnam Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Vietnam Airlines.
Diversification Opportunities for HNX 30 and Vietnam Airlines
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HNX and Vietnam is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Vietnam Airlines JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vietnam Airlines 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 Vietnam Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vietnam Airlines JSC has no effect on the direction of HNX 30 i.e., HNX 30 and Vietnam Airlines go up and down completely randomly.
Pair Corralation between HNX 30 and Vietnam Airlines
Assuming the 90 days trading horizon HNX 30 is expected to generate 4.5 times less return on investment than Vietnam Airlines. But when comparing it to its historical volatility, HNX 30 is 1.69 times less risky than Vietnam Airlines. It trades about 0.03 of its potential returns per unit of risk. Vietnam Airlines JSC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,365,000 in Vietnam Airlines JSC on August 31, 2024 and sell it today you would earn a total of 1,425,000 from holding Vietnam Airlines JSC or generate 104.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.46% |
| Values | Daily Returns |
HNX 30 vs. Vietnam Airlines JSC
Performance |
| Timeline |
HNX 30 and Vietnam Airlines Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Vietnam Airlines JSC
Pair trading matchups for Vietnam Airlines
Pair Trading with HNX 30 and Vietnam Airlines
The main advantage of trading using opposite HNX 30 and Vietnam Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Vietnam Airlines 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 Vietnam Airlines will offset losses from the drop in Vietnam Airlines' long position.| HNX 30 vs. PVI Reinsurance Corp | HNX 30 vs. Binh Duong Trade | HNX 30 vs. Vietnam JSCmmercial Bank | HNX 30 vs. Petrolimex Insurance Corp |
| Vietnam Airlines vs. Song Hong Garment | Vietnam Airlines vs. Alphanam ME | Vietnam Airlines vs. Hochiminh City Metal | Vietnam Airlines vs. Atesco Industrial Cartering |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |