Correlation Between Tng Investment and Ha Long
Can any of the company-specific risk be diversified away by investing in both Tng Investment and Ha Long 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 Tng Investment and Ha Long into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tng Investment And and Ha Long Investment, you can compare the effects of market volatilities on Tng Investment and Ha Long 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 Tng Investment with a short position of Ha Long. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tng Investment and Ha Long.
Diversification Opportunities for Tng Investment and Ha Long
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tng and HID is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Tng Investment And and Ha Long Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ha Long Investment and Tng Investment 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 Tng Investment And are associated (or correlated) with Ha Long. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ha Long Investment has no effect on the direction of Tng Investment i.e., Tng Investment and Ha Long go up and down completely randomly.
Pair Corralation between Tng Investment and Ha Long
Assuming the 90 days trading horizon Tng Investment And is expected to under-perform the Ha Long. But the stock apears to be less risky and, when comparing its historical volatility, Tng Investment And is 1.02 times less risky than Ha Long. The stock trades about -0.21 of its potential returns per unit of risk. The Ha Long Investment is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 266,000 in Ha Long Investment on December 27, 2024 and sell it today you would earn a total of 12,000 from holding Ha Long Investment or generate 4.51% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 98.31% |
Values | Daily Returns |
Tng Investment And vs. Ha Long Investment
Performance |
Timeline |
Tng Investment And |
Ha Long Investment |
Tng Investment and Ha Long Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Tng Investment and Ha Long
The main advantage of trading using opposite Tng Investment and Ha Long positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tng Investment position performs unexpectedly, Ha Long 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 Ha Long will offset losses from the drop in Ha Long's long position.Tng Investment vs. Hai An Transport | Tng Investment vs. Sea Air Freight | Tng Investment vs. Bich Chi Food | Tng Investment vs. PetroVietnam Transportation Corp |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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