Correlation Between Jiangyin Haida and Zijin Mining
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By analyzing existing cross correlation between Jiangyin Haida Rubber and Zijin Mining Group, you can compare the effects of market volatilities on Jiangyin Haida 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 Jiangyin Haida with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Haida and Zijin Mining.
Diversification Opportunities for Jiangyin Haida and Zijin Mining
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangyin and Zijin is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Haida Rubber 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 Jiangyin Haida 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 Jiangyin Haida Rubber 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 Jiangyin Haida i.e., Jiangyin Haida and Zijin Mining go up and down completely randomly.
Pair Corralation between Jiangyin Haida and Zijin Mining
Assuming the 90 days trading horizon Jiangyin Haida Rubber is expected to under-perform the Zijin Mining. In addition to that, Jiangyin Haida is 1.56 times more volatile than Zijin Mining Group. It trades about -0.16 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.08 per unit of volatility. If you would invest 1,562 in Zijin Mining Group on October 16, 2024 and sell it today you would earn a total of 78.00 from holding Zijin Mining Group or generate 4.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Haida Rubber vs. Zijin Mining Group
Performance |
| Timeline |
| Jiangyin Haida Rubber |
| Zijin Mining Group |
Jiangyin Haida and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Haida and Zijin Mining
The main advantage of trading using opposite Jiangyin Haida and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Haida 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.| Jiangyin Haida vs. CGN Nuclear Technology | Jiangyin Haida vs. Olympic Circuit Technology | Jiangyin Haida vs. Montage Technology Co | Jiangyin Haida vs. Guotai Epoint Software |
| Zijin Mining vs. Advanced Technology Materials | Zijin Mining vs. Jiangyin Haida Rubber | Zijin Mining vs. Zhejiang Qianjiang Motorcycle | Zijin Mining vs. Haima Automobile Group |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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