Correlation Between Agriculture Printing and Saigon Viendong
Can any of the company-specific risk be diversified away by investing in both Agriculture Printing and Saigon Viendong at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Agriculture Printing and Saigon Viendong into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agriculture Printing and and Saigon Viendong Technology, you can compare the effects of market volatilities on Agriculture Printing and Saigon Viendong 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 Agriculture Printing with a short position of Saigon Viendong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agriculture Printing and Saigon Viendong.
Diversification Opportunities for Agriculture Printing and Saigon Viendong
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Agriculture and Saigon is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Agriculture Printing and and Saigon Viendong Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saigon Viendong Tech and Agriculture Printing 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 Agriculture Printing and are associated (or correlated) with Saigon Viendong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saigon Viendong Tech has no effect on the direction of Agriculture Printing i.e., Agriculture Printing and Saigon Viendong go up and down completely randomly.
Pair Corralation between Agriculture Printing and Saigon Viendong
Assuming the 90 days trading horizon Agriculture Printing and is expected to under-perform the Saigon Viendong. In addition to that, Agriculture Printing is 1.69 times more volatile than Saigon Viendong Technology. It trades about -0.1 of its total potential returns per unit of risk. Saigon Viendong Technology is currently generating about 0.01 per unit of volatility. If you would invest 1,140,000 in Saigon Viendong Technology on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Saigon Viendong Technology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agriculture Printing and vs. Saigon Viendong Technology
Performance |
| Timeline |
| Agriculture Printing and |
| Saigon Viendong Tech |
Agriculture Printing and Saigon Viendong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agriculture Printing and Saigon Viendong
The main advantage of trading using opposite Agriculture Printing and Saigon Viendong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agriculture Printing position performs unexpectedly, Saigon Viendong 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 Saigon Viendong will offset losses from the drop in Saigon Viendong's long position.| Agriculture Printing vs. FIT INVEST JSC | Agriculture Printing vs. Damsan JSC | Agriculture Printing vs. An Phat Plastic | Agriculture Printing vs. Alphanam ME |
| Saigon Viendong vs. FIT INVEST JSC | Saigon Viendong vs. Damsan JSC | Saigon Viendong vs. An Phat Plastic | Saigon Viendong 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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