Correlation Between Vinhomes JSC and HNX 30
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By analyzing existing cross correlation between Vinhomes JSC and HNX 30, you can compare the effects of market volatilities on Vinhomes JSC 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 Vinhomes JSC with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vinhomes JSC and HNX 30.
Diversification Opportunities for Vinhomes JSC and HNX 30
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Vinhomes and HNX is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Vinhomes JSC and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Vinhomes JSC 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 Vinhomes JSC 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 Vinhomes JSC i.e., Vinhomes JSC and HNX 30 go up and down completely randomly.
Pair Corralation between Vinhomes JSC and HNX 30
Assuming the 90 days trading horizon Vinhomes JSC is expected to generate 0.91 times more return on investment than HNX 30. However, Vinhomes JSC is 1.1 times less risky than HNX 30. It trades about -0.09 of its potential returns per unit of risk. HNX 30 is currently generating about -0.09 per unit of risk. If you would invest 4,080,000 in Vinhomes JSC on October 30, 2024 and sell it today you would lose (130,000) from holding Vinhomes JSC or give up 3.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vinhomes JSC vs. HNX 30
Performance |
| Timeline |
Vinhomes JSC and HNX 30 Volatility Contrast
Predicted Return Density |
| Returns |
Vinhomes JSC
Pair trading matchups for Vinhomes JSC
Pair Trading with Vinhomes JSC and HNX 30
The main advantage of trading using opposite Vinhomes JSC and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vinhomes JSC 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.| Vinhomes JSC vs. Petrolimex Insurance Corp | Vinhomes JSC vs. Vietnam National Reinsurance | Vinhomes JSC vs. Sao Ta Foods | Vinhomes JSC vs. Tng Investment And |
| HNX 30 vs. Vietnam National Reinsurance | HNX 30 vs. Saigon Telecommunication Technologies | HNX 30 vs. PostTelecommunication Equipment | HNX 30 vs. PVI Reinsurance Corp |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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