Correlation Between Jiangxi Selon and Zijin Mining
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By analyzing existing cross correlation between Jiangxi Selon Industrial and Zijin Mining Group, you can compare the effects of market volatilities on Jiangxi Selon 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 Jiangxi Selon with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Selon and Zijin Mining.
Diversification Opportunities for Jiangxi Selon and Zijin Mining
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangxi and Zijin is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Selon Industrial 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 Jiangxi Selon 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 Jiangxi Selon Industrial 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 Jiangxi Selon i.e., Jiangxi Selon and Zijin Mining go up and down completely randomly.
Pair Corralation between Jiangxi Selon and Zijin Mining
Assuming the 90 days trading horizon Jiangxi Selon is expected to generate 5.79 times less return on investment than Zijin Mining. In addition to that, Jiangxi Selon is 1.78 times more volatile than Zijin Mining Group. It trades about 0.01 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.06 per unit of volatility. If you would invest 1,198 in Zijin Mining Group on September 12, 2024 and sell it today you would earn a total of 408.00 from holding Zijin Mining Group or generate 34.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Selon Industrial vs. Zijin Mining Group
Performance |
| Timeline |
| Jiangxi Selon Industrial |
| Zijin Mining Group |
Jiangxi Selon and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Selon and Zijin Mining
The main advantage of trading using opposite Jiangxi Selon and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Selon 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.| Jiangxi Selon vs. Zijin Mining Group | Jiangxi Selon vs. Wanhua Chemical Group | Jiangxi Selon vs. Baoshan Iron Steel | Jiangxi Selon vs. Rongsheng Petrochemical Co |
| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Rongsheng Petrochemical Co | Zijin Mining vs. Hoshine Silicon Ind |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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