Correlation Between TDT Investment and HNX 30
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By analyzing existing cross correlation between TDT Investment and and HNX 30, you can compare the effects of market volatilities on TDT Investment 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 TDT Investment with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of TDT Investment and HNX 30.
Diversification Opportunities for TDT Investment and HNX 30
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between TDT and HNX is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding TDT Investment and and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and TDT Investment 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 TDT Investment and 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 TDT Investment i.e., TDT Investment and HNX 30 go up and down completely randomly.
Pair Corralation between TDT Investment and HNX 30
Assuming the 90 days trading horizon TDT Investment and is expected to under-perform the HNX 30. But the stock apears to be less risky and, when comparing its historical volatility, TDT Investment and is 1.12 times less risky than HNX 30. The stock trades about -0.03 of its potential returns per unit of risk. The HNX 30 is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 49,488 in HNX 30 on August 25, 2024 and sell it today you would lose (2,691) from holding HNX 30 or give up 5.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.55% |
| Values | Daily Returns |
TDT Investment and vs. HNX 30
Performance |
| Timeline |
TDT Investment and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
TDT Investment and
Pair trading matchups for TDT Investment
HNX 30
Pair trading matchups for HNX 30
Pair Trading with TDT Investment and HNX 30
The main advantage of trading using opposite TDT Investment and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TDT Investment 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.| TDT Investment vs. FIT INVEST JSC | TDT Investment vs. Damsan JSC | TDT Investment vs. An Phat Plastic | TDT Investment vs. APG Securities Joint |
| HNX 30 vs. Thanh Dat Investment | HNX 30 vs. Development Investment Construction | HNX 30 vs. TDT Investment and | HNX 30 vs. Dinhvu Port Investment |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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