Correlation Between HNX 30 and Book
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By analyzing existing cross correlation between HNX 30 and Book And Educational, you can compare the effects of market volatilities on HNX 30 and Book 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 Book. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Book.
Diversification Opportunities for HNX 30 and Book
Pay attention - limited upside
The 3 months correlation between HNX and Book is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Book And Educational in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Book And Educational 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 Book. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Book And Educational has no effect on the direction of HNX 30 i.e., HNX 30 and Book go up and down completely randomly.
Pair Corralation between HNX 30 and Book
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Book. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 3.53 times less risky than Book. The index trades about -0.23 of its potential returns per unit of risk. The Book And Educational is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,700,000 in Book And Educational on October 22, 2024 and sell it today you would earn a total of 0.00 from holding Book And Educational or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 35.0% |
| Values | Daily Returns |
HNX 30 vs. Book And Educational
Performance |
| Timeline |
HNX 30 and Book Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Book And Educational
Pair trading matchups for Book
Pair Trading with HNX 30 and Book
The main advantage of trading using opposite HNX 30 and Book positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Book 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 Book will offset losses from the drop in Book's long position.| HNX 30 vs. Mechanics Construction and | HNX 30 vs. Hochiminh City Metal | HNX 30 vs. Petrovietnam Drilling Mud | HNX 30 vs. Techno Agricultural Supplying |
| Book vs. TDT Investment and | Book vs. PC3 Investment JSC | Book vs. Vietnam Rubber Group | Book vs. Construction And 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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