Correlation Between Petrolimex Insurance and HNX 30
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By analyzing existing cross correlation between Petrolimex Insurance Corp and HNX 30, you can compare the effects of market volatilities on Petrolimex Insurance and HNX 30 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 Petrolimex Insurance with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Petrolimex Insurance and HNX 30.
Diversification Opportunities for Petrolimex Insurance and HNX 30
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Petrolimex and HNX is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Petrolimex Insurance Corp and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Petrolimex Insurance 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 Petrolimex Insurance Corp are associated (or correlated) with HNX 30. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HNX 30 has no effect on the direction of Petrolimex Insurance i.e., Petrolimex Insurance and HNX 30 go up and down completely randomly.
Pair Corralation between Petrolimex Insurance and HNX 30
Assuming the 90 days trading horizon Petrolimex Insurance Corp is expected to generate 2.72 times more return on investment than HNX 30. However, Petrolimex Insurance is 2.72 times more volatile than HNX 30. It trades about 0.18 of its potential returns per unit of risk. HNX 30 is currently generating about -0.12 per unit of risk. If you would invest 2,250,000 in Petrolimex Insurance Corp on August 31, 2024 and sell it today you would earn a total of 150,000 from holding Petrolimex Insurance Corp or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 72.73% |
| Values | Daily Returns |
Petrolimex Insurance Corp vs. HNX 30
Performance |
| Timeline |
Petrolimex Insurance and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Petrolimex Insurance Corp
Pair trading matchups for Petrolimex Insurance
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Petrolimex Insurance and HNX 30
The main advantage of trading using opposite Petrolimex Insurance and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Petrolimex Insurance position performs unexpectedly, HNX 30 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 HNX 30 will offset losses from the drop in HNX 30's long position.| Petrolimex Insurance vs. FIT INVEST JSC | Petrolimex Insurance vs. Damsan JSC | Petrolimex Insurance vs. An Phat Plastic | Petrolimex Insurance vs. Alphanam ME |
| HNX 30 vs. PVI Reinsurance Corp | HNX 30 vs. Binh Duong Trade | HNX 30 vs. Vietnam JSCmmercial Bank | HNX 30 vs. Petrolimex Insurance Corp |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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