Correlation Between China Nonferrous and Zhuzhou Kibing
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Nonferrous Metal and Zhuzhou Kibing Group, you can compare the effects of market volatilities on China Nonferrous and Zhuzhou Kibing 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 China Nonferrous with a short position of Zhuzhou Kibing. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Nonferrous and Zhuzhou Kibing.
Diversification Opportunities for China Nonferrous and Zhuzhou Kibing
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Zhuzhou is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding China Nonferrous Metal and Zhuzhou Kibing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Kibing Group and China Nonferrous 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 China Nonferrous Metal are associated (or correlated) with Zhuzhou Kibing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Kibing Group has no effect on the direction of China Nonferrous i.e., China Nonferrous and Zhuzhou Kibing go up and down completely randomly.
Pair Corralation between China Nonferrous and Zhuzhou Kibing
Assuming the 90 days trading horizon China Nonferrous Metal is expected to generate 0.9 times more return on investment than Zhuzhou Kibing. However, China Nonferrous Metal is 1.11 times less risky than Zhuzhou Kibing. It trades about 0.02 of its potential returns per unit of risk. Zhuzhou Kibing Group is currently generating about -0.04 per unit of risk. If you would invest 498.00 in China Nonferrous Metal on September 5, 2024 and sell it today you would earn a total of 27.00 from holding China Nonferrous Metal or generate 5.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Nonferrous Metal vs. Zhuzhou Kibing Group
Performance |
| Timeline |
| China Nonferrous Metal |
| Zhuzhou Kibing Group |
China Nonferrous and Zhuzhou Kibing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Nonferrous and Zhuzhou Kibing
The main advantage of trading using opposite China Nonferrous and Zhuzhou Kibing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Nonferrous position performs unexpectedly, Zhuzhou Kibing 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 Zhuzhou Kibing will offset losses from the drop in Zhuzhou Kibing's long position.| China Nonferrous vs. Zijin Mining Group | China Nonferrous vs. Wanhua Chemical Group | China Nonferrous vs. Baoshan Iron Steel | China Nonferrous vs. Shandong Gold Mining |
| Zhuzhou Kibing vs. Hainan Mining Co | Zhuzhou Kibing vs. Rising Nonferrous Metals | Zhuzhou Kibing vs. Jiangsu Jinling Sports | Zhuzhou Kibing vs. Qingdao Choho Industrial |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |