Correlation Between Micron Technology and VINACAPITAL VN100
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By analyzing existing cross correlation between Micron Technology and VINACAPITAL VN100 ETF, you can compare the effects of market volatilities on Micron Technology 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 Micron Technology with a short position of VINACAPITAL VN100. Check out your portfolio center. Please also check ongoing floating volatility patterns of Micron Technology and VINACAPITAL VN100.
Diversification Opportunities for Micron Technology and VINACAPITAL VN100
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Micron and VINACAPITAL is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Micron Technology 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 Micron Technology 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 Micron Technology 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 Micron Technology i.e., Micron Technology and VINACAPITAL VN100 go up and down completely randomly.
Pair Corralation between Micron Technology and VINACAPITAL VN100
Allowing for the 90-day total investment horizon Micron Technology is expected to generate 5.5 times more return on investment than VINACAPITAL VN100. However, Micron Technology is 5.5 times more volatile than VINACAPITAL VN100 ETF. It trades about 0.3 of its potential returns per unit of risk. VINACAPITAL VN100 ETF is currently generating about -0.05 per unit of risk. If you would invest 8,698 in Micron Technology on October 20, 2024 and sell it today you would earn a total of 1,877 from holding Micron Technology or generate 21.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Micron Technology vs. VINACAPITAL VN100 ETF
Performance |
| Timeline |
| Micron Technology |
| VINACAPITAL VN100 ETF |
Micron Technology and VINACAPITAL VN100 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Micron Technology and VINACAPITAL VN100
The main advantage of trading using opposite Micron Technology and VINACAPITAL VN100 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Micron Technology 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.| Micron Technology vs. NVIDIA | Micron Technology vs. Intel | Micron Technology vs. Taiwan Semiconductor Manufacturing | Micron Technology vs. Marvell Technology Group |
| VINACAPITAL VN100 vs. KIM GROWTH VN30 | VINACAPITAL VN100 vs. FPT CAPITAL VNX50 | VINACAPITAL VN100 vs. SSIAM VN30 ETF | VINACAPITAL VN100 vs. KIM GROWTH VN |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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