Correlation Between HNX 30 and Song Hong
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By analyzing existing cross correlation between HNX 30 and Song Hong Garment, you can compare the effects of market volatilities on HNX 30 and Song Hong 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 Song Hong. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Song Hong.
Diversification Opportunities for HNX 30 and Song Hong
Good diversification
The 3 months correlation between HNX and Song is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Song Hong Garment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Song Hong Garment 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 Song Hong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Song Hong Garment has no effect on the direction of HNX 30 i.e., HNX 30 and Song Hong go up and down completely randomly.
Pair Corralation between HNX 30 and Song Hong
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Song Hong. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 1.33 times less risky than Song Hong. The index trades about -0.02 of its potential returns per unit of risk. The Song Hong Garment is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 4,000,000 in Song Hong Garment on August 27, 2024 and sell it today you would earn a total of 1,290,000 from holding Song Hong Garment or generate 32.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.93% |
| Values | Daily Returns |
HNX 30 vs. Song Hong Garment
Performance |
| Timeline |
HNX 30 and Song Hong Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Song Hong Garment
Pair trading matchups for Song Hong
Pair Trading with HNX 30 and Song Hong
The main advantage of trading using opposite HNX 30 and Song Hong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Song Hong 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 Song Hong will offset losses from the drop in Song Hong's long position.| HNX 30 vs. 577 Investment Corp | HNX 30 vs. Din Capital Investment | HNX 30 vs. Saigon Beer Alcohol | HNX 30 vs. Danang Education Investment |
| Song Hong vs. Post and Telecommunications | Song Hong vs. Vina2 Investment and | Song Hong vs. Vu Dang Investment | Song Hong vs. Ha Long Investment |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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