Correlation Between Song Hong and SSIAM VNFIN
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By analyzing existing cross correlation between Song Hong Garment and SSIAM VNFIN LEAD, you can compare the effects of market volatilities on Song Hong and SSIAM VNFIN 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 VNFIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Song Hong and SSIAM VNFIN.
Diversification Opportunities for Song Hong and SSIAM VNFIN
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Song and SSIAM is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Song Hong Garment and SSIAM VNFIN LEAD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSIAM VNFIN LEAD 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 VNFIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSIAM VNFIN LEAD has no effect on the direction of Song Hong i.e., Song Hong and SSIAM VNFIN go up and down completely randomly.
Pair Corralation between Song Hong and SSIAM VNFIN
Assuming the 90 days trading horizon Song Hong Garment is expected to generate 1.3 times more return on investment than SSIAM VNFIN. However, Song Hong is 1.3 times more volatile than SSIAM VNFIN LEAD. It trades about 0.13 of its potential returns per unit of risk. SSIAM VNFIN LEAD is currently generating about 0.05 per unit of risk. If you would invest 4,485,882 in Song Hong Garment on September 2, 2024 and sell it today you would earn a total of 434,118 from holding Song Hong Garment or generate 9.68% 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 VNFIN LEAD
Performance |
| Timeline |
| Song Hong Garment |
| SSIAM VNFIN LEAD |
Song Hong and SSIAM VNFIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Song Hong and SSIAM VNFIN
The main advantage of trading using opposite Song Hong and SSIAM VNFIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Song Hong position performs unexpectedly, SSIAM VNFIN 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 VNFIN will offset losses from the drop in SSIAM VNFIN's long position.| Song Hong vs. FIT INVEST JSC | Song Hong vs. Damsan JSC | Song Hong vs. An Phat Plastic | Song Hong vs. Alphanam ME |
| SSIAM VNFIN vs. Idico JSC | SSIAM VNFIN vs. Song Hong Garment | SSIAM VNFIN vs. DHG Pharmaceutical JSC | SSIAM VNFIN 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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