Correlation Between TDG Global and Hoa Binh
Can any of the company-specific risk be diversified away by investing in both TDG Global and Hoa Binh at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining TDG Global and Hoa Binh into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TDG Global Investment and Hoa Binh Mineral, you can compare the effects of market volatilities on TDG Global and Hoa Binh 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 TDG Global with a short position of Hoa Binh. Check out your portfolio center. Please also check ongoing floating volatility patterns of TDG Global and Hoa Binh.
Diversification Opportunities for TDG Global and Hoa Binh
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TDG and Hoa is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TDG Global Investment and Hoa Binh Mineral in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoa Binh Mineral and TDG Global 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 TDG Global Investment are associated (or correlated) with Hoa Binh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoa Binh Mineral has no effect on the direction of TDG Global i.e., TDG Global and Hoa Binh go up and down completely randomly.
Pair Corralation between TDG Global and Hoa Binh
If you would invest 398,333 in TDG Global Investment on September 12, 2024 and sell it today you would lose (33,333) from holding TDG Global Investment or give up 8.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
TDG Global Investment vs. Hoa Binh Mineral
Performance |
| Timeline |
| TDG Global Investment |
| Hoa Binh Mineral |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TDG Global and Hoa Binh Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TDG Global and Hoa Binh
The main advantage of trading using opposite TDG Global and Hoa Binh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TDG Global position performs unexpectedly, Hoa Binh 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 Hoa Binh will offset losses from the drop in Hoa Binh's long position.| TDG Global vs. FIT INVEST JSC | TDG Global vs. Damsan JSC | TDG Global vs. An Phat Plastic | TDG Global vs. Alphanam ME |
| Hoa Binh vs. TDG Global Investment | Hoa Binh vs. BaoMinh Insurance Corp | Hoa Binh vs. Dinhvu Port Investment | Hoa Binh vs. PV2 Investment JSC |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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