Correlation Between Petrovietnam Drilling and HNX 30
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By analyzing existing cross correlation between Petrovietnam Drilling Mud and HNX 30, you can compare the effects of market volatilities on Petrovietnam Drilling 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 Petrovietnam Drilling with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Petrovietnam Drilling and HNX 30.
Diversification Opportunities for Petrovietnam Drilling and HNX 30
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Petrovietnam and HNX is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Petrovietnam Drilling Mud and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Petrovietnam Drilling 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 Petrovietnam Drilling Mud 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 Petrovietnam Drilling i.e., Petrovietnam Drilling and HNX 30 go up and down completely randomly.
Pair Corralation between Petrovietnam Drilling and HNX 30
Assuming the 90 days trading horizon Petrovietnam Drilling Mud is expected to generate 1.9 times more return on investment than HNX 30. However, Petrovietnam Drilling is 1.9 times more volatile than HNX 30. It trades about 0.01 of its potential returns per unit of risk. HNX 30 is currently generating about -0.05 per unit of risk. If you would invest 1,050,000 in Petrovietnam Drilling Mud on October 22, 2024 and sell it today you would earn a total of 0.00 from holding Petrovietnam Drilling Mud or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.67% |
| Values | Daily Returns |
Petrovietnam Drilling Mud vs. HNX 30
Performance |
| Timeline |
Petrovietnam Drilling and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Petrovietnam Drilling Mud
Pair trading matchups for Petrovietnam Drilling
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Petrovietnam Drilling and HNX 30
The main advantage of trading using opposite Petrovietnam Drilling and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Petrovietnam Drilling 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.| Petrovietnam Drilling vs. Construction And Investment | Petrovietnam Drilling vs. HVC Investment and | Petrovietnam Drilling vs. PV2 Investment JSC | Petrovietnam Drilling vs. Hochiminh City Metal |
| HNX 30 vs. Mechanics Construction and | HNX 30 vs. Hochiminh City Metal | HNX 30 vs. Petrovietnam Drilling Mud | HNX 30 vs. Techno Agricultural Supplying |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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