Correlation Between HNX 30 and PVI Reinsurance
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By analyzing existing cross correlation between HNX 30 and PVI Reinsurance Corp, you can compare the effects of market volatilities on HNX 30 and PVI Reinsurance 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 PVI Reinsurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and PVI Reinsurance.
Diversification Opportunities for HNX 30 and PVI Reinsurance
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HNX and PVI is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and PVI Reinsurance Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PVI Reinsurance Corp 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 PVI Reinsurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PVI Reinsurance Corp has no effect on the direction of HNX 30 i.e., HNX 30 and PVI Reinsurance go up and down completely randomly.
Pair Corralation between HNX 30 and PVI Reinsurance
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the PVI Reinsurance. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 3.24 times less risky than PVI Reinsurance. The index trades about -0.15 of its potential returns per unit of risk. The PVI Reinsurance Corp is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,860,000 in PVI Reinsurance Corp on August 25, 2024 and sell it today you would earn a total of 40,000 from holding PVI Reinsurance Corp or generate 2.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 63.64% |
| Values | Daily Returns |
HNX 30 vs. PVI Reinsurance Corp
Performance |
| Timeline |
HNX 30 and PVI Reinsurance Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
PVI Reinsurance Corp
Pair trading matchups for PVI Reinsurance
Pair Trading with HNX 30 and PVI Reinsurance
The main advantage of trading using opposite HNX 30 and PVI Reinsurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, PVI Reinsurance 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 PVI Reinsurance will offset losses from the drop in PVI Reinsurance's long position.| HNX 30 vs. Petrolimex Petrochemical JSC | HNX 30 vs. Dong A Hotel | HNX 30 vs. Vincom Retail JSC | HNX 30 vs. VTC Telecommunications JSC |
| PVI Reinsurance vs. PVI Holdings | PVI Reinsurance vs. Cuulong Fish JSC | PVI Reinsurance vs. AgriBank Securities JSC | PVI Reinsurance vs. Hai An Transport |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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