Correlation Between Tng Investment and SSIAM VNFIN
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By analyzing existing cross correlation between Tng Investment And and SSIAM VNFIN LEAD, you can compare the effects of market volatilities on Tng Investment and SSIAM VNFIN 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 SSIAM VNFIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tng Investment and SSIAM VNFIN.
Diversification Opportunities for Tng Investment and SSIAM VNFIN
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tng and SSIAM is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Tng Investment And and SSIAM VNFIN LEAD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSIAM VNFIN LEAD 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 SSIAM VNFIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSIAM VNFIN LEAD has no effect on the direction of Tng Investment i.e., Tng Investment and SSIAM VNFIN go up and down completely randomly.
Pair Corralation between Tng Investment and SSIAM VNFIN
Assuming the 90 days trading horizon Tng Investment And is expected to generate 1.42 times more return on investment than SSIAM VNFIN. However, Tng Investment is 1.42 times more volatile than SSIAM VNFIN LEAD. It trades about 0.02 of its potential returns per unit of risk. SSIAM VNFIN LEAD is currently generating about -0.11 per unit of risk. If you would invest 2,421,412 in Tng Investment And on August 29, 2024 and sell it today you would earn a total of 8,588 from holding Tng Investment And or generate 0.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tng Investment And vs. SSIAM VNFIN LEAD
Performance |
| Timeline |
| Tng Investment And |
| SSIAM VNFIN LEAD |
Tng Investment and SSIAM VNFIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tng Investment and SSIAM VNFIN
The main advantage of trading using opposite Tng Investment and SSIAM VNFIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tng Investment position performs unexpectedly, SSIAM VNFIN 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 SSIAM VNFIN will offset losses from the drop in SSIAM VNFIN's long position.| Tng Investment vs. FIT INVEST JSC | Tng Investment vs. Damsan JSC | Tng Investment vs. An Phat Plastic | Tng Investment vs. APG Securities Joint |
| SSIAM VNFIN vs. Idico JSC | SSIAM VNFIN vs. Alphanam ME | SSIAM VNFIN vs. Hochiminh City Metal | SSIAM VNFIN vs. Atesco Industrial Cartering |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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