Correlation Between Petrolimex Information and HNX 30
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By analyzing existing cross correlation between Petrolimex Information Technology and HNX 30, you can compare the effects of market volatilities on Petrolimex Information 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 Information with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Petrolimex Information and HNX 30.
Diversification Opportunities for Petrolimex Information and HNX 30
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Petrolimex and HNX is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Petrolimex Information Technol and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Petrolimex Information 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 Information Technology 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 Information i.e., Petrolimex Information and HNX 30 go up and down completely randomly.
Pair Corralation between Petrolimex Information and HNX 30
Assuming the 90 days trading horizon Petrolimex Information Technology is expected to under-perform the HNX 30. In addition to that, Petrolimex Information is 3.58 times more volatile than HNX 30. It trades about -0.13 of its total potential returns per unit of risk. HNX 30 is currently generating about -0.15 per unit of volatility. If you would invest 51,811 in HNX 30 on September 2, 2024 and sell it today you would lose (3,832) from holding HNX 30 or give up 7.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 76.56% |
| Values | Daily Returns |
Petrolimex Information Technol vs. HNX 30
Performance |
| Timeline |
Petrolimex Information and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Petrolimex Information Technology
Pair trading matchups for Petrolimex Information
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Petrolimex Information and HNX 30
The main advantage of trading using opposite Petrolimex Information and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Petrolimex Information 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 Information vs. Song Hong Garment | Petrolimex Information vs. Alphanam ME | Petrolimex Information vs. Hochiminh City Metal | Petrolimex Information vs. Atesco Industrial Cartering |
| HNX 30 vs. Hai An Transport | HNX 30 vs. Pha Lai Thermal | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. Petrolimex Information Technology |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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