Correlation Between VinFast Auto and Immatics
Can any of the company-specific risk be diversified away by investing in both VinFast Auto and Immatics 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 VinFast Auto and Immatics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between VinFast Auto Ltd and Immatics NV, you can compare the effects of market volatilities on VinFast Auto and Immatics 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 VinFast Auto with a short position of Immatics. Check out your portfolio center. Please also check ongoing floating volatility patterns of VinFast Auto and Immatics.
Diversification Opportunities for VinFast Auto and Immatics
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between VinFast and Immatics is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding VinFast Auto Ltd and Immatics NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Immatics NV and VinFast Auto 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 VinFast Auto Ltd are associated (or correlated) with Immatics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Immatics NV has no effect on the direction of VinFast Auto i.e., VinFast Auto and Immatics go up and down completely randomly.
Pair Corralation between VinFast Auto and Immatics
Considering the 90-day investment horizon VinFast Auto Ltd is expected to generate 1.24 times more return on investment than Immatics. However, VinFast Auto is 1.24 times more volatile than Immatics NV. It trades about 0.14 of its potential returns per unit of risk. Immatics NV is currently generating about -0.31 per unit of risk. If you would invest 396.00 in VinFast Auto Ltd on August 31, 2024 and sell it today you would earn a total of 30.00 from holding VinFast Auto Ltd or generate 7.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
VinFast Auto Ltd vs. Immatics NV
Performance |
| Timeline |
| VinFast Auto |
| Immatics NV |
VinFast Auto and Immatics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VinFast Auto and Immatics
The main advantage of trading using opposite VinFast Auto and Immatics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VinFast Auto position performs unexpectedly, Immatics 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 Immatics will offset losses from the drop in Immatics' long position.| VinFast Auto vs. Ralph Lauren Corp | VinFast Auto vs. Hf Foods Group | VinFast Auto vs. SNDL Inc | VinFast Auto vs. Village Super Market |
| Immatics vs. Crinetics Pharmaceuticals | Immatics vs. Alx Oncology Holdings | Immatics vs. Bioatla | Immatics vs. Aerovate Therapeutics |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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