Correlation Between Song Hong and SSIAM VNX50
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By analyzing existing cross correlation between Song Hong Garment and SSIAM VNX50 ETF, you can compare the effects of market volatilities on Song Hong and SSIAM VNX50 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 Song Hong with a short position of SSIAM VNX50. Check out your portfolio center. Please also check ongoing floating volatility patterns of Song Hong and SSIAM VNX50.
Diversification Opportunities for Song Hong and SSIAM VNX50
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Song and SSIAM is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Song Hong Garment and SSIAM VNX50 ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSIAM VNX50 ETF and Song Hong 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 Song Hong Garment are associated (or correlated) with SSIAM VNX50. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSIAM VNX50 ETF has no effect on the direction of Song Hong i.e., Song Hong and SSIAM VNX50 go up and down completely randomly.
Pair Corralation between Song Hong and SSIAM VNX50
Assuming the 90 days trading horizon Song Hong Garment is expected to generate 0.99 times more return on investment than SSIAM VNX50. However, Song Hong Garment is 1.01 times less risky than SSIAM VNX50. It trades about 0.07 of its potential returns per unit of risk. SSIAM VNX50 ETF is currently generating about 0.04 per unit of risk. If you would invest 2,874,374 in Song Hong Garment on September 4, 2024 and sell it today you would earn a total of 1,975,626 from holding Song Hong Garment or generate 68.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Song Hong Garment vs. SSIAM VNX50 ETF
Performance |
| Timeline |
| Song Hong Garment |
| SSIAM VNX50 ETF |
Song Hong and SSIAM VNX50 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Song Hong and SSIAM VNX50
The main advantage of trading using opposite Song Hong and SSIAM VNX50 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Song Hong position performs unexpectedly, SSIAM VNX50 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 SSIAM VNX50 will offset losses from the drop in SSIAM VNX50's long position.| Song Hong vs. Tng Investment And | Song Hong vs. Construction And Investment | Song Hong vs. Vietnam Petroleum Transport | Song Hong vs. Danang Education Investment |
| SSIAM VNX50 vs. Idico JSC | SSIAM VNX50 vs. Song Hong Garment | SSIAM VNX50 vs. Alphanam ME | SSIAM VNX50 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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