Correlation Between Chenzhou Jingui and Zijin Mining
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By analyzing existing cross correlation between Chenzhou Jingui Silver and Zijin Mining Group, you can compare the effects of market volatilities on Chenzhou Jingui 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 Chenzhou Jingui with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chenzhou Jingui and Zijin Mining.
Diversification Opportunities for Chenzhou Jingui and Zijin Mining
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Chenzhou and Zijin is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Chenzhou Jingui Silver 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 Chenzhou Jingui 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 Chenzhou Jingui Silver 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 Chenzhou Jingui i.e., Chenzhou Jingui and Zijin Mining go up and down completely randomly.
Pair Corralation between Chenzhou Jingui and Zijin Mining
Assuming the 90 days trading horizon Chenzhou Jingui Silver is expected to under-perform the Zijin Mining. In addition to that, Chenzhou Jingui is 1.07 times more volatile than Zijin Mining Group. It trades about -0.07 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.14 per unit of volatility. If you would invest 1,551 in Zijin Mining Group on October 24, 2024 and sell it today you would earn a total of 74.00 from holding Zijin Mining Group or generate 4.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chenzhou Jingui Silver vs. Zijin Mining Group
Performance |
| Timeline |
| Chenzhou Jingui Silver |
| Zijin Mining Group |
Chenzhou Jingui and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chenzhou Jingui and Zijin Mining
The main advantage of trading using opposite Chenzhou Jingui and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chenzhou Jingui 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.| Chenzhou Jingui vs. Changchun Engley Automobile | Chenzhou Jingui vs. Unisplendour Corp | Chenzhou Jingui vs. GRG Banking Equipment | Chenzhou Jingui vs. Jiangsu Financial Leasing |
| Zijin Mining vs. Bloomage Biotechnology Corp | Zijin Mining vs. Jiangsu GDK Biotechnology | Zijin Mining vs. JCHX Mining Management | Zijin Mining vs. Hainan Mining Co |
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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