Correlation Between Qiaoyin Environmental and Zijin Mining
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By analyzing existing cross correlation between Qiaoyin Environmental Tech and Zijin Mining Group, you can compare the effects of market volatilities on Qiaoyin Environmental 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 Qiaoyin Environmental with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiaoyin Environmental and Zijin Mining.
Diversification Opportunities for Qiaoyin Environmental and Zijin Mining
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Qiaoyin and Zijin is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Qiaoyin Environmental Tech 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 Qiaoyin Environmental 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 Qiaoyin Environmental Tech 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 Qiaoyin Environmental i.e., Qiaoyin Environmental and Zijin Mining go up and down completely randomly.
Pair Corralation between Qiaoyin Environmental and Zijin Mining
Assuming the 90 days trading horizon Qiaoyin Environmental Tech is expected to under-perform the Zijin Mining. In addition to that, Qiaoyin Environmental is 1.25 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 0.06 per unit of volatility. If you would invest 1,545 in Zijin Mining Group on October 18, 2024 and sell it today you would earn a total of 33.00 from holding Zijin Mining Group or generate 2.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiaoyin Environmental Tech vs. Zijin Mining Group
Performance |
| Timeline |
| Qiaoyin Environmental |
| Zijin Mining Group |
Qiaoyin Environmental and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiaoyin Environmental and Zijin Mining
The main advantage of trading using opposite Qiaoyin Environmental and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiaoyin Environmental 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.| Qiaoyin Environmental vs. Hefei Metalforming Mach | Qiaoyin Environmental vs. Hainan Mining Co | Qiaoyin Environmental vs. Uroica Mining Safety | Qiaoyin Environmental vs. Chenzhou Jingui Silver |
| Zijin Mining vs. Dynagreen Environmental Protection | Zijin Mining vs. Yili Chuanning Biotechnology | Zijin Mining vs. Shanghai Rightongene Biotechnology | Zijin Mining vs. Qiaoyin Environmental Tech |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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