Correlation Between HNX 30 and Petrolimex Information
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By analyzing existing cross correlation between HNX 30 and Petrolimex Information Technology, you can compare the effects of market volatilities on HNX 30 and Petrolimex Information 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 Petrolimex Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Petrolimex Information.
Diversification Opportunities for HNX 30 and Petrolimex Information
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HNX and Petrolimex is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Petrolimex Information Technol in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Petrolimex Information 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 Petrolimex Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Petrolimex Information has no effect on the direction of HNX 30 i.e., HNX 30 and Petrolimex Information go up and down completely randomly.
Pair Corralation between HNX 30 and Petrolimex Information
Assuming the 90 days trading horizon HNX 30 is expected to generate 1.92 times more return on investment than Petrolimex Information. However, HNX 30 is 1.92 times more volatile than Petrolimex Information Technology. It trades about 0.56 of its potential returns per unit of risk. Petrolimex Information Technology is currently generating about 0.58 per unit of risk. If you would invest 46,410 in HNX 30 on November 28, 2024 and sell it today you would earn a total of 3,823 from holding HNX 30 or generate 8.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 70.59% |
| Values | Daily Returns |
HNX 30 vs. Petrolimex Information Technol
Performance |
| Timeline |
HNX 30 and Petrolimex Information Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Petrolimex Information Technology
Pair trading matchups for Petrolimex Information
Pair Trading with HNX 30 and Petrolimex Information
The main advantage of trading using opposite HNX 30 and Petrolimex Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Petrolimex Information 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 Petrolimex Information will offset losses from the drop in Petrolimex Information's long position.| HNX 30 vs. Vietnam National Reinsurance | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. Hai An Transport | HNX 30 vs. Transimex Transportation JSC |
| Petrolimex Information vs. Materials Petroleum JSC | Petrolimex Information vs. Pha Le Plastics | Petrolimex Information vs. Long An Food | Petrolimex Information vs. Vnsteel Vicasa JSC |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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