Correlation Between Techno Agricultural and HNX 30
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By analyzing existing cross correlation between Techno Agricultural Supplying and HNX 30, you can compare the effects of market volatilities on Techno Agricultural 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 Techno Agricultural with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techno Agricultural and HNX 30.
Diversification Opportunities for Techno Agricultural and HNX 30
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Techno and HNX is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Techno Agricultural Supplying and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Techno Agricultural 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 Techno Agricultural Supplying 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 Techno Agricultural i.e., Techno Agricultural and HNX 30 go up and down completely randomly.
Pair Corralation between Techno Agricultural and HNX 30
Assuming the 90 days trading horizon Techno Agricultural Supplying is expected to under-perform the HNX 30. But the stock apears to be less risky and, when comparing its historical volatility, Techno Agricultural Supplying is 1.07 times less risky than HNX 30. The stock trades about -0.16 of its potential returns per unit of risk. The HNX 30 is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 46,981 in HNX 30 on October 22, 2024 and sell it today you would lose (956.00) from holding HNX 30 or give up 2.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Techno Agricultural Supplying vs. HNX 30
Performance |
| Timeline |
Techno Agricultural and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Techno Agricultural Supplying
Pair trading matchups for Techno Agricultural
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Techno Agricultural and HNX 30
The main advantage of trading using opposite Techno Agricultural and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techno Agricultural 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.The idea behind Techno Agricultural Supplying and HNX 30 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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