Correlation Between HNX 30 and Vinhomes JSC
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By analyzing existing cross correlation between HNX 30 and Vinhomes JSC, you can compare the effects of market volatilities on HNX 30 and Vinhomes JSC 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 Vinhomes JSC. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Vinhomes JSC.
Diversification Opportunities for HNX 30 and Vinhomes JSC
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HNX and Vinhomes is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Vinhomes JSC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vinhomes 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 Vinhomes JSC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vinhomes JSC has no effect on the direction of HNX 30 i.e., HNX 30 and Vinhomes JSC go up and down completely randomly.
Pair Corralation between HNX 30 and Vinhomes JSC
Assuming the 90 days trading horizon HNX 30 is expected to under-perform the Vinhomes JSC. But the index apears to be less risky and, when comparing its historical volatility, HNX 30 is 2.56 times less risky than Vinhomes JSC. The index trades about -0.12 of its potential returns per unit of risk. The Vinhomes JSC is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 4,270,000 in Vinhomes JSC on August 29, 2024 and sell it today you would earn a total of 255,000 from holding Vinhomes JSC or generate 5.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
HNX 30 vs. Vinhomes JSC
Performance |
| Timeline |
HNX 30 and Vinhomes JSC Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Vinhomes JSC
Pair trading matchups for Vinhomes JSC
Pair Trading with HNX 30 and Vinhomes JSC
The main advantage of trading using opposite HNX 30 and Vinhomes JSC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Vinhomes JSC 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 Vinhomes JSC will offset losses from the drop in Vinhomes JSC's long position.| HNX 30 vs. Vincom Retail JSC | HNX 30 vs. Ducgiang Chemicals Detergent | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. Hai An Transport |
| Vinhomes JSC vs. FIT INVEST JSC | Vinhomes JSC vs. Damsan JSC | Vinhomes JSC vs. An Phat Plastic | Vinhomes JSC vs. Alphanam ME |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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