Correlation Between HNX 30 and SCG Construction
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By analyzing existing cross correlation between HNX 30 and SCG Construction JSC, you can compare the effects of market volatilities on HNX 30 and SCG Construction 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 SCG Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and SCG Construction.
Diversification Opportunities for HNX 30 and SCG Construction
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HNX and SCG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and SCG Construction JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SCG Construction 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 SCG Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SCG Construction JSC has no effect on the direction of HNX 30 i.e., HNX 30 and SCG Construction go up and down completely randomly.
Pair Corralation between HNX 30 and SCG Construction
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the SCG Construction. In addition to that, HNX 30 is 2.21 times more volatile than SCG Construction JSC. It trades about -0.12 of its total potential returns per unit of risk. SCG Construction JSC is currently generating about 0.11 per unit of volatility. If you would invest 6,510,000 in SCG Construction JSC on August 28, 2024 and sell it today you would earn a total of 60,000 from holding SCG Construction JSC or generate 0.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. SCG Construction JSC
Performance |
| Timeline |
HNX 30 and SCG Construction Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
SCG Construction JSC
Pair trading matchups for SCG Construction
Pair Trading with HNX 30 and SCG Construction
The main advantage of trading using opposite HNX 30 and SCG Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, SCG Construction 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 SCG Construction will offset losses from the drop in SCG Construction's long position.| HNX 30 vs. Hochiminh City Metal | HNX 30 vs. VTC Telecommunications JSC | HNX 30 vs. Pacific Petroleum Transportation | HNX 30 vs. Danang Education Investment |
| SCG Construction vs. FIT INVEST JSC | SCG Construction vs. Damsan JSC | SCG Construction vs. An Phat Plastic | SCG Construction vs. APG Securities Joint |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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