Correlation Between KL Technology and HNX 30
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By analyzing existing cross correlation between KL Technology and HNX 30, you can compare the effects of market volatilities on KL Technology 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 KL Technology with a short position of HNX 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of KL Technology and HNX 30.
Diversification Opportunities for KL Technology and HNX 30
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between KLTE and HNX is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding KL Technology and HNX 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HNX 30 and KL Technology 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 KL Technology 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 KL Technology i.e., KL Technology and HNX 30 go up and down completely randomly.
Pair Corralation between KL Technology and HNX 30
Assuming the 90 days trading horizon KL Technology is expected to generate 0.33 times more return on investment than HNX 30. However, KL Technology is 3.01 times less risky than HNX 30. It trades about -0.04 of its potential returns per unit of risk. HNX 30 is currently generating about -0.18 per unit of risk. If you would invest 6,477 in KL Technology on January 30, 2024 and sell it today you would lose (49.00) from holding KL Technology or give up 0.76% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.0% |
Values | Daily Returns |
KL Technology vs. HNX 30
Performance |
Timeline |
KL Technology and HNX 30 Volatility Contrast
Predicted Return Density |
Returns |
KL Technology
Pair trading matchups for KL Technology
HNX 30
Pair trading matchups for HNX 30
Pair Trading with KL Technology and HNX 30
The main advantage of trading using opposite KL Technology and HNX 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KL Technology 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.KL Technology vs. Melewar Industrial Group | KL Technology vs. CB Industrial Product | KL Technology vs. Uchi Technologies Bhd | KL Technology vs. Sapura Industrial Bhd |
HNX 30 vs. Nam Long Investment | HNX 30 vs. Techcom Vietnam REIT | HNX 30 vs. HVC Investment and | HNX 30 vs. Global Electrical Technology |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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