Correlation Between Zoje Resources and Yunnan Aluminium
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By analyzing existing cross correlation between Zoje Resources Investment and Yunnan Aluminium Co, you can compare the effects of market volatilities on Zoje Resources and Yunnan Aluminium 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 Zoje Resources with a short position of Yunnan Aluminium. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoje Resources and Yunnan Aluminium.
Diversification Opportunities for Zoje Resources and Yunnan Aluminium
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zoje and Yunnan is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Zoje Resources Investment and Yunnan Aluminium Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Aluminium and Zoje Resources 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 Zoje Resources Investment are associated (or correlated) with Yunnan Aluminium. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Aluminium has no effect on the direction of Zoje Resources i.e., Zoje Resources and Yunnan Aluminium go up and down completely randomly.
Pair Corralation between Zoje Resources and Yunnan Aluminium
Assuming the 90 days trading horizon Zoje Resources Investment is expected to generate 1.68 times more return on investment than Yunnan Aluminium. However, Zoje Resources is 1.68 times more volatile than Yunnan Aluminium Co. It trades about 0.17 of its potential returns per unit of risk. Yunnan Aluminium Co is currently generating about 0.16 per unit of risk. If you would invest 150.00 in Zoje Resources Investment on October 18, 2024 and sell it today you would earn a total of 103.00 from holding Zoje Resources Investment or generate 68.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoje Resources Investment vs. Yunnan Aluminium Co
Performance |
| Timeline |
| Zoje Resources Investment |
| Yunnan Aluminium |
Zoje Resources and Yunnan Aluminium Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoje Resources and Yunnan Aluminium
The main advantage of trading using opposite Zoje Resources and Yunnan Aluminium positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoje Resources position performs unexpectedly, Yunnan Aluminium 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 Yunnan Aluminium will offset losses from the drop in Yunnan Aluminium's long position.| Zoje Resources vs. Jonjee Hi tech Industrial | Zoje Resources vs. Sichuan Jinshi Technology | Zoje Resources vs. Leyard Optoelectronic | Zoje Resources vs. Jiangyin Jianghua Microelectronics |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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