Correlation Between HNX 30 and VNDIRECT Securities
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By analyzing existing cross correlation between HNX 30 and VNDIRECT Securities Corp, you can compare the effects of market volatilities on HNX 30 and VNDIRECT Securities 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 VNDIRECT Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and VNDIRECT Securities.
Diversification Opportunities for HNX 30 and VNDIRECT Securities
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HNX and VNDIRECT is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and VNDIRECT Securities Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VNDIRECT Securities Corp 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 VNDIRECT Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VNDIRECT Securities Corp has no effect on the direction of HNX 30 i.e., HNX 30 and VNDIRECT Securities go up and down completely randomly.
Pair Corralation between HNX 30 and VNDIRECT Securities
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.7 times more return on investment than VNDIRECT Securities. However, HNX 30 is 1.43 times less risky than VNDIRECT Securities. It trades about -0.12 of its potential returns per unit of risk. VNDIRECT Securities Corp is currently generating about -0.15 per unit of risk. If you would invest 48,610 in HNX 30 on August 31, 2024 and sell it today you would lose (1,183) from holding HNX 30 or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HNX 30 vs. VNDIRECT Securities Corp
Performance |
| Timeline |
HNX 30 and VNDIRECT Securities Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
VNDIRECT Securities Corp
Pair trading matchups for VNDIRECT Securities
Pair Trading with HNX 30 and VNDIRECT Securities
The main advantage of trading using opposite HNX 30 and VNDIRECT Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, VNDIRECT Securities 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 VNDIRECT Securities will offset losses from the drop in VNDIRECT Securities' long position.| HNX 30 vs. PVI Reinsurance Corp | HNX 30 vs. Binh Duong Trade | HNX 30 vs. Vietnam JSCmmercial Bank | HNX 30 vs. Petrolimex Insurance Corp |
| VNDIRECT Securities vs. BaoMinh Insurance Corp | VNDIRECT Securities vs. Tien Phong Plastic | VNDIRECT Securities vs. VietinBank Securities JSC | VNDIRECT Securities vs. Viet Thanh 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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