Correlation Between Binh Duong and HNX 30
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By analyzing existing cross correlation between Binh Duong Trade and HNX 30, you can compare the effects of market volatilities on Binh Duong 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 Binh Duong with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Binh Duong and HNX 30.
Diversification Opportunities for Binh Duong and HNX 30
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Binh and HNX is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Binh Duong Trade and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Binh Duong 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 Binh Duong Trade 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 Binh Duong i.e., Binh Duong and HNX 30 go up and down completely randomly.
Pair Corralation between Binh Duong and HNX 30
Assuming the 90 days trading horizon Binh Duong Trade is expected to generate 1.01 times more return on investment than HNX 30. However, Binh Duong is 1.01 times more volatile than HNX 30. It trades about 0.08 of its potential returns per unit of risk. HNX 30 is currently generating about -0.12 per unit of risk. If you would invest 1,005,000 in Binh Duong Trade on August 31, 2024 and sell it today you would earn a total of 15,000 from holding Binh Duong Trade or generate 1.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Binh Duong Trade vs. HNX 30
Performance |
| Timeline |
Binh Duong and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Binh Duong Trade
Pair trading matchups for Binh Duong
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Binh Duong and HNX 30
The main advantage of trading using opposite Binh Duong and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Binh Duong 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.| Binh Duong vs. FIT INVEST JSC | Binh Duong vs. Damsan JSC | Binh Duong vs. An Phat Plastic | Binh Duong 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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