Correlation Between HNX 30 and Masan Group
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By analyzing existing cross correlation between HNX 30 and Masan Group Corp, you can compare the effects of market volatilities on HNX 30 and Masan Group 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 Masan Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of HNX 30 and Masan Group.
Diversification Opportunities for HNX 30 and Masan Group
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HNX and Masan is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding HNX 30 and Masan Group Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Masan Group Corp 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 Masan Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Masan Group Corp has no effect on the direction of HNX 30 i.e., HNX 30 and Masan Group go up and down completely randomly.
Pair Corralation between HNX 30 and Masan Group
Assuming the 90 days trading horizon HNX 30 is expected to generate 0.91 times more return on investment than Masan Group. However, HNX 30 is 1.1 times less risky than Masan Group. It trades about 0.04 of its potential returns per unit of risk. Masan Group Corp is currently generating about -0.02 per unit of risk. If you would invest 35,554 in HNX 30 on September 2, 2024 and sell it today you would earn a total of 12,425 from holding HNX 30 or generate 34.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.59% |
| Values | Daily Returns |
HNX 30 vs. Masan Group Corp
Performance |
| Timeline |
HNX 30 and Masan Group Volatility Contrast
Predicted Return Density |
| Returns |
HNX 30
Pair trading matchups for HNX 30
Masan Group Corp
Pair trading matchups for Masan Group
Pair Trading with HNX 30 and Masan Group
The main advantage of trading using opposite HNX 30 and Masan Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HNX 30 position performs unexpectedly, Masan Group 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 Masan Group will offset losses from the drop in Masan Group's long position.| HNX 30 vs. Hai An Transport | HNX 30 vs. Pha Lai Thermal | HNX 30 vs. PetroVietnam Transportation Corp | HNX 30 vs. Petrolimex Information Technology |
| Masan Group vs. Vinhomes JSC | Masan Group vs. AgriBank Securities JSC | Masan Group vs. Nam Kim Steel | Masan Group vs. Techno Agricultural Supplying |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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