Correlation Between INKON Life and Zijin Mining
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By analyzing existing cross correlation between INKON Life Technology and Zijin Mining Group, you can compare the effects of market volatilities on INKON Life 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 INKON Life with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Zijin Mining.
Diversification Opportunities for INKON Life and Zijin Mining
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between INKON and Zijin is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology 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 INKON Life 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 INKON Life Technology 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 INKON Life i.e., INKON Life and Zijin Mining go up and down completely randomly.
Pair Corralation between INKON Life and Zijin Mining
Assuming the 90 days trading horizon INKON Life Technology is expected to under-perform the Zijin Mining. In addition to that, INKON Life is 1.23 times more volatile than Zijin Mining Group. It trades about -0.26 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about -0.01 per unit of volatility. If you would invest 1,606 in Zijin Mining Group on October 11, 2024 and sell it today you would lose (14.00) from holding Zijin Mining Group or give up 0.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
INKON Life Technology vs. Zijin Mining Group
Performance |
| Timeline |
| INKON Life Technology |
| Zijin Mining Group |
INKON Life and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INKON Life and Zijin Mining
The main advantage of trading using opposite INKON Life and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON Life 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.| INKON Life vs. Guangzhou Jinyi Media | INKON Life vs. Lontium Semiconductor Corp | INKON Life vs. Shandong Longquan Pipeline | INKON Life vs. Southern PublishingMedia Co |
| Zijin Mining vs. INKON Life Technology | Zijin Mining vs. Kuang Chi Technologies | Zijin Mining vs. Linktel Technologies Co | Zijin Mining vs. Holitech Technology 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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