Correlation Between Swiss Leader and HNX 30
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By analyzing existing cross correlation between Swiss Leader Price and HNX 30, you can compare the effects of market volatilities on Swiss Leader 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 Swiss Leader with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Swiss Leader and HNX 30.
Diversification Opportunities for Swiss Leader and HNX 30
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Swiss and HNX is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Swiss Leader Price and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and Swiss Leader 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 Swiss Leader Price 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 Swiss Leader i.e., Swiss Leader and HNX 30 go up and down completely randomly.
Pair Corralation between Swiss Leader and HNX 30
Assuming the 90 days trading horizon Swiss Leader Price is expected to generate 0.29 times more return on investment than HNX 30. However, Swiss Leader Price is 3.39 times less risky than HNX 30. It trades about -0.21 of its potential returns per unit of risk. HNX 30 is currently generating about -0.18 per unit of risk. If you would invest 191,422 in Swiss Leader Price on February 4, 2024 and sell it today you would lose (6,631) from holding Swiss Leader Price or give up 3.46% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 86.36% |
Values | Daily Returns |
Swiss Leader Price vs. HNX 30
Performance |
Timeline |
Swiss Leader and HNX 30 Volatility Contrast
Predicted Return Density |
Returns |
Swiss Leader Price
Pair trading matchups for Swiss Leader
HNX 30
Pair trading matchups for HNX 30
Pair Trading with Swiss Leader and HNX 30
The main advantage of trading using opposite Swiss Leader and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Swiss Leader 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.Swiss Leader vs. Logitech International SA | Swiss Leader vs. Cembra Money Bank | Swiss Leader vs. Hypothekarbank Lenzburg AG | Swiss Leader vs. Zurich Insurance Group |
HNX 30 vs. Hanoi Plastics JSC | HNX 30 vs. Pha Le Plastics | HNX 30 vs. Danang Education Investment | HNX 30 vs. Viet Thanh Plastic |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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