Correlation Between HNX 30 and Century Synthetic
Specify exactly 2 symbols:
By analyzing existing cross correlation between HNX 30 and Century Synthetic Fiber, you can compare the effects of market volatilities on HNX 30 and Century Synthetic 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 Century Synthetic. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Century Synthetic.
Diversification Opportunities for HNX 30 and Century Synthetic
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HNX and Century is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Century Synthetic Fiber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Century Synthetic Fiber 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 Century Synthetic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Century Synthetic Fiber has no effect on the direction of HNX 30 i.e., HNX 30 and Century Synthetic go up and down completely randomly.
Pair Corralation between HNX 30 and Century Synthetic
Assuming the 90 days trading horizon HNX 30 is expected to generate 1.02 times more return on investment than Century Synthetic. However, HNX 30 is 1.02 times more volatile than Century Synthetic Fiber. It trades about -0.12 of its potential returns per unit of risk. Century Synthetic Fiber is currently generating about -0.29 per unit of risk. If you would invest 48,290 in HNX 30 on August 29, 2024 and sell it today you would lose (1,116) from holding HNX 30 or give up 2.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. Century Synthetic Fiber
Performance |
| Timeline |
HNX 30 and Century Synthetic Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Century Synthetic Fiber
Pair trading matchups for Century Synthetic
Pair Trading with HNX 30 and Century Synthetic
The main advantage of trading using opposite HNX 30 and Century Synthetic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Century Synthetic 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 Century Synthetic will offset losses from the drop in Century Synthetic'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 |
| Century Synthetic vs. FIT INVEST JSC | Century Synthetic vs. Damsan JSC | Century Synthetic vs. An Phat Plastic | Century Synthetic 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Stocks Directory Find actively traded stocks across global markets | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |