Correlation Between Inner Mongolia and Zijin Mining
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By analyzing existing cross correlation between Inner Mongolia Dazhong and Zijin Mining Group, you can compare the effects of market volatilities on Inner Mongolia 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 Inner Mongolia with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inner Mongolia and Zijin Mining.
Diversification Opportunities for Inner Mongolia and Zijin Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Inner and Zijin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Inner Mongolia Dazhong 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 Inner Mongolia 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 Inner Mongolia Dazhong 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 Inner Mongolia i.e., Inner Mongolia and Zijin Mining go up and down completely randomly.
Pair Corralation between Inner Mongolia and Zijin Mining
If you would invest 1,175 in Zijin Mining Group on September 14, 2024 and sell it today you would earn a total of 449.00 from holding Zijin Mining Group or generate 38.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.42% |
| Values | Daily Returns |
Inner Mongolia Dazhong vs. Zijin Mining Group
Performance |
| Timeline |
| Inner Mongolia Dazhong |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Zijin Mining Group |
Inner Mongolia and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inner Mongolia and Zijin Mining
The main advantage of trading using opposite Inner Mongolia and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inner Mongolia 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.| Inner Mongolia vs. Jiangsu Financial Leasing | Inner Mongolia vs. Harbin Hatou Investment | Inner Mongolia vs. China Construction Bank | Inner Mongolia vs. Beijing Mainstreets Investment |
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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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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