Correlation Between EPlay Digital and Zijin Mining
Can any of the company-specific risk be diversified away by investing in both EPlay Digital and Zijin Mining at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining EPlay Digital and Zijin Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ePlay Digital and Zijin Mining Group, you can compare the effects of market volatilities on EPlay Digital 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 EPlay Digital with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of EPlay Digital and Zijin Mining.
Diversification Opportunities for EPlay Digital and Zijin Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between EPlay and Zijin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ePlay Digital 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 EPlay Digital 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 ePlay Digital 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 EPlay Digital i.e., EPlay Digital and Zijin Mining go up and down completely randomly.
Pair Corralation between EPlay Digital and Zijin Mining
If you would invest 0.10 in ePlay Digital on September 3, 2024 and sell it today you would earn a total of 0.00 from holding ePlay Digital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
ePlay Digital vs. Zijin Mining Group
Performance |
| Timeline |
| ePlay Digital |
| Zijin Mining Group |
EPlay Digital and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EPlay Digital and Zijin Mining
The main advantage of trading using opposite EPlay Digital and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EPlay Digital 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.| EPlay Digital vs. Apple Inc | EPlay Digital vs. Apple Inc | EPlay Digital vs. Apple Inc | EPlay Digital vs. Apple Inc |
| Zijin Mining vs. ARISTOCRAT LEISURE | Zijin Mining vs. EAT WELL INVESTMENT | Zijin Mining vs. ePlay Digital | Zijin Mining vs. PennantPark Investment |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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