Correlation Between Shenyang Huitian and Zijin Mining
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Zijin Mining Group, you can compare the effects of market volatilities on Shenyang Huitian 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 Shenyang Huitian with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Zijin Mining.
Diversification Opportunities for Shenyang Huitian and Zijin Mining
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenyang and Zijin is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal 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 Shenyang Huitian 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 Shenyang Huitian Thermal 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 Shenyang Huitian i.e., Shenyang Huitian and Zijin Mining go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Zijin Mining
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to under-perform the Zijin Mining. In addition to that, Shenyang Huitian is 1.17 times more volatile than Zijin Mining Group. It trades about -0.06 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.07 per unit of volatility. If you would invest 1,552 in Zijin Mining Group on October 26, 2024 and sell it today you would earn a total of 36.00 from holding Zijin Mining Group or generate 2.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Zijin Mining Group
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Zijin Mining Group |
Shenyang Huitian and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Zijin Mining
The main advantage of trading using opposite Shenyang Huitian and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian 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.| Shenyang Huitian vs. Chahua Modern Housewares | Shenyang Huitian vs. Cansino Biologics | Shenyang Huitian vs. Hainan Haiqi Transportation | Shenyang Huitian vs. Shaanxi Meineng Clean |
| Zijin Mining vs. Heilongjiang Publishing Media | Zijin Mining vs. Hainan Haiqi Transportation | Zijin Mining vs. Chinese Universe Publishing | Zijin Mining vs. Shenzhen Urban Transport |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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