Correlation Between ZYF Lopsking and China Aluminum
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By analyzing existing cross correlation between ZYF Lopsking Aluminum and China Aluminum International, you can compare the effects of market volatilities on ZYF Lopsking and China Aluminum 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 China Aluminum. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZYF Lopsking and China Aluminum.
Diversification Opportunities for ZYF Lopsking and China Aluminum
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ZYF and China is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding ZYF Lopsking Aluminum and China Aluminum International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Aluminum Inter 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 China Aluminum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Aluminum Inter has no effect on the direction of ZYF Lopsking i.e., ZYF Lopsking and China Aluminum go up and down completely randomly.
Pair Corralation between ZYF Lopsking and China Aluminum
Assuming the 90 days trading horizon ZYF Lopsking Aluminum is expected to generate 1.1 times more return on investment than China Aluminum. However, ZYF Lopsking is 1.1 times more volatile than China Aluminum International. It trades about 0.01 of its potential returns per unit of risk. China Aluminum International is currently generating about 0.0 per unit of risk. If you would invest 605.00 in ZYF Lopsking Aluminum on November 19, 2024 and sell it today you would lose (46.00) from holding ZYF Lopsking Aluminum or give up 7.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ZYF Lopsking Aluminum vs. China Aluminum International
Performance |
| Timeline |
| ZYF Lopsking Aluminum |
| China Aluminum Inter |
ZYF Lopsking and China Aluminum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZYF Lopsking and China Aluminum
The main advantage of trading using opposite ZYF Lopsking and China Aluminum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZYF Lopsking position performs unexpectedly, China Aluminum 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 China Aluminum will offset losses from the drop in China Aluminum's long position.| ZYF Lopsking vs. Shenzhen SDG Information | ZYF Lopsking vs. Longmaster Information Tech | ZYF Lopsking vs. Emdoor Information Co | ZYF Lopsking vs. AVCON Information Tech |
| China Aluminum vs. Bosera CMSK Industrial | China Aluminum vs. Union Semiconductor Co | China Aluminum vs. Bomesc Offshore Engineering | China Aluminum vs. StarPower Semiconductor |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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