Correlation Between Ningxia Younglight and Zijin Mining
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By analyzing existing cross correlation between Ningxia Younglight Chemicals and Zijin Mining Group, you can compare the effects of market volatilities on Ningxia Younglight and Zijin Mining 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 Ningxia Younglight with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningxia Younglight and Zijin Mining.
Diversification Opportunities for Ningxia Younglight and Zijin Mining
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ningxia and Zijin is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Ningxia Younglight Chemicals and Zijin Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zijin Mining Group and Ningxia Younglight 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 Ningxia Younglight Chemicals are associated (or correlated) with Zijin Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zijin Mining Group has no effect on the direction of Ningxia Younglight i.e., Ningxia Younglight and Zijin Mining go up and down completely randomly.
Pair Corralation between Ningxia Younglight and Zijin Mining
Assuming the 90 days trading horizon Ningxia Younglight Chemicals is expected to under-perform the Zijin Mining. In addition to that, Ningxia Younglight is 1.55 times more volatile than Zijin Mining Group. It trades about 0.0 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.05 per unit of volatility. If you would invest 1,111 in Zijin Mining Group on November 4, 2024 and sell it today you would earn a total of 513.00 from holding Zijin Mining Group or generate 46.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningxia Younglight Chemicals vs. Zijin Mining Group
Performance |
| Timeline |
| Ningxia Younglight |
| Zijin Mining Group |
Ningxia Younglight and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningxia Younglight and Zijin Mining
The main advantage of trading using opposite Ningxia Younglight and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningxia Younglight position performs unexpectedly, Zijin Mining 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 Zijin Mining will offset losses from the drop in Zijin Mining's long position.| Ningxia Younglight vs. Keeson Technology Corp | Ningxia Younglight vs. Peoples Insurance of | Ningxia Younglight vs. Guangzhou KingTeller Technology | Ningxia Younglight vs. Soyea Technology Co |
| Zijin Mining vs. Chengdu Xingrong Investment | Zijin Mining vs. Metro Investment Development | Zijin Mining vs. Hubei Geoway Investment | Zijin Mining vs. Linewell Software Co |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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