Correlation Between Saigon Beer and HNX 30
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By analyzing existing cross correlation between Saigon Beer Alcohol and HNX 30, you can compare the effects of market volatilities on Saigon Beer 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 Saigon Beer with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saigon Beer and HNX 30.
Diversification Opportunities for Saigon Beer and HNX 30
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Saigon and HNX is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Saigon Beer Alcohol and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Saigon Beer 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 Saigon Beer Alcohol 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 Saigon Beer i.e., Saigon Beer and HNX 30 go up and down completely randomly.
Pair Corralation between Saigon Beer and HNX 30
Assuming the 90 days trading horizon Saigon Beer Alcohol is expected to under-perform the HNX 30. In addition to that, Saigon Beer is 2.44 times more volatile than HNX 30. It trades about -0.06 of its total potential returns per unit of risk. HNX 30 is currently generating about 0.04 per unit of volatility. If you would invest 37,343 in HNX 30 on August 30, 2024 and sell it today you would earn a total of 10,237 from holding HNX 30 or generate 27.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.59% |
| Values | Daily Returns |
Saigon Beer Alcohol vs. HNX 30
Performance |
| Timeline |
Saigon Beer and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Saigon Beer Alcohol
Pair trading matchups for Saigon Beer
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Saigon Beer and HNX 30
The main advantage of trading using opposite Saigon Beer and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saigon Beer 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.| Saigon Beer vs. FIT INVEST JSC | Saigon Beer vs. Damsan JSC | Saigon Beer vs. An Phat Plastic | Saigon Beer vs. Alphanam ME |
| HNX 30 vs. Fecon Mining JSC | HNX 30 vs. Hanoi Beer Alcohol | HNX 30 vs. Construction And Investment | HNX 30 vs. HUD1 Investment and |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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