Correlation Between HNX 30 and Saigon Thuong
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By analyzing existing cross correlation between HNX 30 and Saigon Thuong Tin, you can compare the effects of market volatilities on HNX 30 and Saigon Thuong 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 Saigon Thuong. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Saigon Thuong.
Diversification Opportunities for HNX 30 and Saigon Thuong
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HNX and Saigon is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Saigon Thuong Tin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saigon Thuong Tin 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 Saigon Thuong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saigon Thuong Tin has no effect on the direction of HNX 30 i.e., HNX 30 and Saigon Thuong go up and down completely randomly.
Pair Corralation between HNX 30 and Saigon Thuong
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.81 times more return on investment than Saigon Thuong. However, HNX 30 is 1.24 times less risky than Saigon Thuong. It trades about 0.0 of its potential returns per unit of risk. Saigon Thuong Tin is currently generating about -0.07 per unit of risk. If you would invest 49,630 in HNX 30 on September 3, 2024 and sell it today you would lose (1,438) from holding HNX 30 or give up 2.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.18% |
| Values | Daily Returns |
HNX 30 vs. Saigon Thuong Tin
Performance |
| Timeline |
HNX 30 and Saigon Thuong Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Saigon Thuong Tin
Pair trading matchups for Saigon Thuong
Pair Trading with HNX 30 and Saigon Thuong
The main advantage of trading using opposite HNX 30 and Saigon Thuong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Saigon Thuong 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 Saigon Thuong will offset losses from the drop in Saigon Thuong's long position.| HNX 30 vs. Saigon Telecommunication Technologies | HNX 30 vs. FPT Digital Retail | HNX 30 vs. POST TELECOMMU | HNX 30 vs. Mobile World Investment |
| Saigon Thuong vs. Pha Le Plastics | Saigon Thuong vs. Thong Nhat Rubber | Saigon Thuong vs. Petrolimex Insurance Corp | Saigon Thuong vs. Tien Phong Plastic |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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