Correlation Between China Minmetals and Ziel Home
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By analyzing existing cross correlation between China Minmetals Rare and Ziel Home Furnishing, you can compare the effects of market volatilities on China Minmetals and Ziel Home 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 Minmetals with a short position of Ziel Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Minmetals and Ziel Home.
Diversification Opportunities for China Minmetals and Ziel Home
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Ziel is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding China Minmetals Rare and Ziel Home Furnishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ziel Home Furnishing and China Minmetals 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 Minmetals Rare are associated (or correlated) with Ziel Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ziel Home Furnishing has no effect on the direction of China Minmetals i.e., China Minmetals and Ziel Home go up and down completely randomly.
Pair Corralation between China Minmetals and Ziel Home
Assuming the 90 days trading horizon China Minmetals Rare is expected to under-perform the Ziel Home. But the stock apears to be less risky and, when comparing its historical volatility, China Minmetals Rare is 1.37 times less risky than Ziel Home. The stock trades about -0.02 of its potential returns per unit of risk. The Ziel Home Furnishing is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,466 in Ziel Home Furnishing on October 16, 2024 and sell it today you would lose (554.00) from holding Ziel Home Furnishing or give up 22.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 79.96% |
| Values | Daily Returns |
China Minmetals Rare vs. Ziel Home Furnishing
Performance |
| Timeline |
| China Minmetals Rare |
| Ziel Home Furnishing |
China Minmetals and Ziel Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Minmetals and Ziel Home
The main advantage of trading using opposite China Minmetals and Ziel Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Minmetals position performs unexpectedly, Ziel Home 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 Ziel Home will offset losses from the drop in Ziel Home's long position.| China Minmetals vs. Chengdu B ray Media | China Minmetals vs. Suzhou Weizhixiang Food | China Minmetals vs. Sichuan Teway Food | China Minmetals vs. Juewei Food Co |
| Ziel Home vs. Road Environment Technology | Ziel Home vs. Dazhong Transportation Group | Ziel Home vs. Unisplendour Corp | Ziel Home vs. Industrial Bank 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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