Correlation Between HNX 30 and HVC Investment
Specify exactly 2 symbols:
By analyzing existing cross correlation between HNX 30 and HVC Investment and, you can compare the effects of market volatilities on HNX 30 and HVC Investment 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 HNX 30 with a short position of HVC Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and HVC Investment.
Diversification Opportunities for HNX 30 and HVC Investment
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HNX and HVC is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and HVC Investment and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HVC Investment and HNX 30 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 HNX 30 are associated (or correlated) with HVC Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HVC Investment has no effect on the direction of HNX 30 i.e., HNX 30 and HVC Investment go up and down completely randomly.
Pair Corralation between HNX 30 and HVC Investment
Assuming the 90 days trading horizon HNX 30 is expected to generate 3.9 times less return on investment than HVC Investment. But when comparing it to its historical volatility, HNX 30 is 2.85 times less risky than HVC Investment. It trades about 0.11 of its potential returns per unit of risk. HVC Investment and is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 961,000 in HVC Investment and on December 28, 2024 and sell it today you would earn a total of 224,000 from holding HVC Investment and or generate 23.31% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 77.59% |
Values | Daily Returns |
HNX 30 vs. HVC Investment and
Performance |
Timeline |
HNX 30 and HVC Investment Volatility Contrast
Predicted Return Density |
Returns |
HNX 30
Pair trading matchups for HNX 30
HVC Investment and
Pair trading matchups for HVC Investment
Pair Trading with HNX 30 and HVC Investment
The main advantage of trading using opposite HNX 30 and HVC Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, HVC Investment 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 HVC Investment will offset losses from the drop in HVC Investment's long position.HNX 30 vs. Nafoods Group JSC | HNX 30 vs. Tien Phong Plastic | HNX 30 vs. Vietnam Rubber Group | HNX 30 vs. Vietnam Dairy Products |
HVC Investment vs. PVI Reinsurance Corp | HVC Investment vs. Nam Kim Steel | HVC Investment vs. Riverway Management JSC | HVC Investment vs. Nafoods Group JSC |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |