Correlation Between VinFast Auto and Cybin
Can any of the company-specific risk be diversified away by investing in both VinFast Auto and Cybin 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 Cybin 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 Cybin Inc, you can compare the effects of market volatilities on VinFast Auto and Cybin 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 Cybin. Check out your portfolio center. Please also check ongoing floating volatility patterns of VinFast Auto and Cybin.
Diversification Opportunities for VinFast Auto and Cybin
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between VinFast and Cybin is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding VinFast Auto Ltd and Cybin Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cybin Inc 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 Cybin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cybin Inc has no effect on the direction of VinFast Auto i.e., VinFast Auto and Cybin go up and down completely randomly.
Pair Corralation between VinFast Auto and Cybin
Assuming the 90 days horizon VinFast Auto Ltd is expected to under-perform the Cybin. But the stock apears to be less risky and, when comparing its historical volatility, VinFast Auto Ltd is 1.29 times less risky than Cybin. The stock trades about -0.02 of its potential returns per unit of risk. The Cybin Inc is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 991.00 in Cybin Inc on August 31, 2024 and sell it today you would earn a total of 34.00 from holding Cybin Inc or generate 3.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
VinFast Auto Ltd vs. Cybin Inc
Performance |
| Timeline |
| VinFast Auto |
| Cybin Inc |
VinFast Auto and Cybin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VinFast Auto and Cybin
The main advantage of trading using opposite VinFast Auto and Cybin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VinFast Auto position performs unexpectedly, Cybin 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 Cybin will offset losses from the drop in Cybin's long position.| VinFast Auto vs. Regeneron Pharmaceuticals | VinFast Auto vs. Inhibrx | VinFast Auto vs. Tarsus Pharmaceuticals | VinFast Auto vs. Tscan Therapeutics |
| Cybin vs. Mind Medicine | Cybin vs. Seelos Therapeutics | Cybin vs. GH Research PLC | Cybin vs. Awakn Life Sciences |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |