Correlation Between Idico JSC and VINACAPITAL VN100
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By analyzing existing cross correlation between Idico JSC and VINACAPITAL VN100 ETF, you can compare the effects of market volatilities on Idico JSC and VINACAPITAL VN100 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 Idico JSC with a short position of VINACAPITAL VN100. Check out your portfolio center. Please also check ongoing floating volatility patterns of Idico JSC and VINACAPITAL VN100.
Diversification Opportunities for Idico JSC and VINACAPITAL VN100
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Idico and VINACAPITAL is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Idico JSC and VINACAPITAL VN100 ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VINACAPITAL VN100 ETF and Idico JSC 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 Idico JSC are associated (or correlated) with VINACAPITAL VN100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VINACAPITAL VN100 ETF has no effect on the direction of Idico JSC i.e., Idico JSC and VINACAPITAL VN100 go up and down completely randomly.
Pair Corralation between Idico JSC and VINACAPITAL VN100
Assuming the 90 days trading horizon Idico JSC is expected to generate 1.85 times more return on investment than VINACAPITAL VN100. However, Idico JSC is 1.85 times more volatile than VINACAPITAL VN100 ETF. It trades about 0.06 of its potential returns per unit of risk. VINACAPITAL VN100 ETF is currently generating about 0.06 per unit of risk. If you would invest 3,294,750 in Idico JSC on September 3, 2024 and sell it today you would earn a total of 2,245,250 from holding Idico JSC or generate 68.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Idico JSC vs. VINACAPITAL VN100 ETF
Performance |
| Timeline |
| Idico JSC |
| VINACAPITAL VN100 ETF |
Idico JSC and VINACAPITAL VN100 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Idico JSC and VINACAPITAL VN100
The main advantage of trading using opposite Idico JSC and VINACAPITAL VN100 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Idico JSC position performs unexpectedly, VINACAPITAL VN100 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 VINACAPITAL VN100 will offset losses from the drop in VINACAPITAL VN100's long position.| Idico JSC vs. Vincom Retail JSC | Idico JSC vs. Vu Dang Investment | Idico JSC vs. Telecoms Informatics JSC | Idico JSC vs. Transport and Industry |
| VINACAPITAL VN100 vs. Idico JSC | VINACAPITAL VN100 vs. Song Hong Garment | VINACAPITAL VN100 vs. Alphanam ME | VINACAPITAL VN100 vs. Hochiminh City Metal |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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