Correlation Between ZYF Lopsking and Jinhui Mining
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By analyzing existing cross correlation between ZYF Lopsking Aluminum and Jinhui Mining Co, you can compare the effects of market volatilities on ZYF Lopsking and Jinhui 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 ZYF Lopsking with a short position of Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZYF Lopsking and Jinhui Mining.
Diversification Opportunities for ZYF Lopsking and Jinhui Mining
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ZYF and Jinhui is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding ZYF Lopsking Aluminum and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining 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 Jinhui Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhui Mining has no effect on the direction of ZYF Lopsking i.e., ZYF Lopsking and Jinhui Mining go up and down completely randomly.
Pair Corralation between ZYF Lopsking and Jinhui Mining
Assuming the 90 days trading horizon ZYF Lopsking Aluminum is expected to generate 1.37 times more return on investment than Jinhui Mining. However, ZYF Lopsking is 1.37 times more volatile than Jinhui Mining Co. It trades about 0.02 of its potential returns per unit of risk. Jinhui Mining Co is currently generating about 0.01 per unit of risk. If you would invest 527.00 in ZYF Lopsking Aluminum on November 3, 2024 and sell it today you would earn a total of 9.00 from holding ZYF Lopsking Aluminum or generate 1.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ZYF Lopsking Aluminum vs. Jinhui Mining Co
Performance |
| Timeline |
| ZYF Lopsking Aluminum |
| Jinhui Mining |
ZYF Lopsking and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZYF Lopsking and Jinhui Mining
The main advantage of trading using opposite ZYF Lopsking and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZYF Lopsking position performs unexpectedly, Jinhui 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 Jinhui Mining will offset losses from the drop in Jinhui Mining's long position.| ZYF Lopsking vs. Duzhe Publishing Media | ZYF Lopsking vs. Caihong Display Devices | ZYF Lopsking vs. Xinhua Winshare Publishing | ZYF Lopsking vs. Shenyang Chemical Industry |
| Jinhui Mining vs. Time Publishing and | Jinhui Mining vs. Zhejiang Publishing Media | Jinhui Mining vs. Heilongjiang Publishing Media | Jinhui Mining vs. Chengtun Mining Group |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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