Correlation Between Tay Ninh and Foreign Trade
Can any of the company-specific risk be diversified away by investing in both Tay Ninh and Foreign Trade 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 Tay Ninh and Foreign Trade into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tay Ninh Rubber and Foreign Trade Development, you can compare the effects of market volatilities on Tay Ninh and Foreign Trade 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 Tay Ninh with a short position of Foreign Trade. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tay Ninh and Foreign Trade.
Diversification Opportunities for Tay Ninh and Foreign Trade
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Tay and Foreign is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Tay Ninh Rubber and Foreign Trade Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Foreign Trade Development and Tay Ninh 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 Tay Ninh Rubber are associated (or correlated) with Foreign Trade. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Foreign Trade Development has no effect on the direction of Tay Ninh i.e., Tay Ninh and Foreign Trade go up and down completely randomly.
Pair Corralation between Tay Ninh and Foreign Trade
If you would invest 4,090,000 in Tay Ninh Rubber on August 31, 2024 and sell it today you would earn a total of 810,000 from holding Tay Ninh Rubber or generate 19.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 36.36% |
| Values | Daily Returns |
Tay Ninh Rubber vs. Foreign Trade Development
Performance |
| Timeline |
| Tay Ninh Rubber |
| Foreign Trade Development |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Tay Ninh and Foreign Trade Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tay Ninh and Foreign Trade
The main advantage of trading using opposite Tay Ninh and Foreign Trade positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tay Ninh position performs unexpectedly, Foreign Trade 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 Foreign Trade will offset losses from the drop in Foreign Trade's long position.| Tay Ninh vs. TDT Investment and | Tay Ninh vs. Tng Investment And | Tay Ninh vs. TDG Global Investment | Tay Ninh vs. Viettel Construction JSC |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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