Correlation Between Allmed Medical and Zijin Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Allmed Medical Products and Zijin Mining Group, you can compare the effects of market volatilities on Allmed Medical 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 Allmed Medical with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Zijin Mining.
Diversification Opportunities for Allmed Medical and Zijin Mining
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Allmed and Zijin is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products 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 Allmed Medical 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 Allmed Medical Products 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 Allmed Medical i.e., Allmed Medical and Zijin Mining go up and down completely randomly.
Pair Corralation between Allmed Medical and Zijin Mining
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 1.35 times more return on investment than Zijin Mining. However, Allmed Medical is 1.35 times more volatile than Zijin Mining Group. It trades about 0.13 of its potential returns per unit of risk. Zijin Mining Group is currently generating about 0.14 per unit of risk. If you would invest 895.00 in Allmed Medical Products on October 28, 2024 and sell it today you would earn a total of 55.00 from holding Allmed Medical Products or generate 6.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Zijin Mining Group
Performance |
| Timeline |
| Allmed Medical Products |
| Zijin Mining Group |
Allmed Medical and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Zijin Mining
The main advantage of trading using opposite Allmed Medical and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical 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.| Allmed Medical vs. Agricultural Bank of | Allmed Medical vs. Industrial and Commercial | Allmed Medical vs. Bank of China | Allmed Medical vs. China Construction Bank |
| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |