Correlation Between ZYF Lopsking and CITIC Metal
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By analyzing existing cross correlation between ZYF Lopsking Aluminum and CITIC Metal Co, you can compare the effects of market volatilities on ZYF Lopsking and CITIC Metal 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 ZYF Lopsking with a short position of CITIC Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZYF Lopsking and CITIC Metal.
Diversification Opportunities for ZYF Lopsking and CITIC Metal
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between ZYF and CITIC is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding ZYF Lopsking Aluminum and CITIC Metal Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Metal and ZYF Lopsking 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 ZYF Lopsking Aluminum are associated (or correlated) with CITIC Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Metal has no effect on the direction of ZYF Lopsking i.e., ZYF Lopsking and CITIC Metal go up and down completely randomly.
Pair Corralation between ZYF Lopsking and CITIC Metal
Assuming the 90 days trading horizon ZYF Lopsking Aluminum is expected to generate 1.6 times more return on investment than CITIC Metal. However, ZYF Lopsking is 1.6 times more volatile than CITIC Metal Co. It trades about 0.09 of its potential returns per unit of risk. CITIC Metal Co is currently generating about -0.02 per unit of risk. If you would invest 560.00 in ZYF Lopsking Aluminum on September 1, 2024 and sell it today you would earn a total of 23.00 from holding ZYF Lopsking Aluminum or generate 4.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ZYF Lopsking Aluminum vs. CITIC Metal Co
Performance |
| Timeline |
| ZYF Lopsking Aluminum |
| CITIC Metal |
ZYF Lopsking and CITIC Metal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZYF Lopsking and CITIC Metal
The main advantage of trading using opposite ZYF Lopsking and CITIC Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZYF Lopsking position performs unexpectedly, CITIC Metal 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 CITIC Metal will offset losses from the drop in CITIC Metal's long position.| ZYF Lopsking vs. GreenTech Environmental Co | ZYF Lopsking vs. Shenzhen MYS Environmental | ZYF Lopsking vs. Dalian Zeus Entertainment | ZYF Lopsking vs. Lingyuan Iron Steel |
| CITIC Metal vs. Zijin Mining Group | CITIC Metal vs. Wanhua Chemical Group | CITIC Metal vs. Baoshan Iron Steel | CITIC Metal vs. Shandong Gold Mining |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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