Correlation Between Tng Investment and An Phat
Can any of the company-specific risk be diversified away by investing in both Tng Investment and An Phat 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 Tng Investment and An Phat into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tng Investment And and An Phat Plastic, you can compare the effects of market volatilities on Tng Investment and An Phat 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 Tng Investment with a short position of An Phat. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tng Investment and An Phat.
Diversification Opportunities for Tng Investment and An Phat
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tng and AAA is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Tng Investment And and An Phat Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on An Phat Plastic and Tng 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 Tng Investment And are associated (or correlated) with An Phat. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of An Phat Plastic has no effect on the direction of Tng Investment i.e., Tng Investment and An Phat go up and down completely randomly.
Pair Corralation between Tng Investment and An Phat
Assuming the 90 days trading horizon Tng Investment And is expected to under-perform the An Phat. In addition to that, Tng Investment is 1.29 times more volatile than An Phat Plastic. It trades about -0.19 of its total potential returns per unit of risk. An Phat Plastic is currently generating about -0.15 per unit of volatility. If you would invest 861,000 in An Phat Plastic on October 17, 2024 and sell it today you would lose (31,000) from holding An Phat Plastic or give up 3.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tng Investment And vs. An Phat Plastic
Performance |
| Timeline |
| Tng Investment And |
| An Phat Plastic |
Tng Investment and An Phat Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tng Investment and An Phat
The main advantage of trading using opposite Tng Investment and An Phat positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tng Investment position performs unexpectedly, An Phat 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 An Phat will offset losses from the drop in An Phat's long position.| Tng Investment vs. Viettel Construction JSC | Tng Investment vs. TDT Investment and | Tng Investment vs. Danang Education Investment | Tng Investment vs. Dinhvu Port Investment |
| An Phat vs. Long Giang Investment | An Phat vs. Tng Investment And | An Phat vs. Bao Ngoc Investment | An Phat vs. Construction And 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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