Correlation Between Guangdong Transtek and Zijin Mining
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By analyzing existing cross correlation between Guangdong Transtek Medical and Zijin Mining Group, you can compare the effects of market volatilities on Guangdong Transtek 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 Guangdong Transtek with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Transtek and Zijin Mining.
Diversification Opportunities for Guangdong Transtek and Zijin Mining
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Guangdong and Zijin is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Transtek Medical 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 Guangdong Transtek 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 Guangdong Transtek Medical 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 Guangdong Transtek i.e., Guangdong Transtek and Zijin Mining go up and down completely randomly.
Pair Corralation between Guangdong Transtek and Zijin Mining
Assuming the 90 days trading horizon Guangdong Transtek Medical is expected to under-perform the Zijin Mining. In addition to that, Guangdong Transtek is 3.82 times more volatile than Zijin Mining Group. It trades about -0.1 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.11 per unit of volatility. If you would invest 1,557 in Zijin Mining Group on October 14, 2024 and sell it today you would earn a total of 58.00 from holding Zijin Mining Group or generate 3.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Transtek Medical vs. Zijin Mining Group
Performance |
| Timeline |
| Guangdong Transtek |
| Zijin Mining Group |
Guangdong Transtek and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Transtek and Zijin Mining
The main advantage of trading using opposite Guangdong Transtek and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Transtek 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.| Guangdong Transtek vs. Maxvision Technology Corp | Guangdong Transtek vs. Fiberhome Telecommunication Technologies | Guangdong Transtek vs. DO Home Collection | Guangdong Transtek vs. Shanghai Shuixing Home |
| Zijin Mining vs. Allmed Medical Products | Zijin Mining vs. Guangdong Transtek Medical | Zijin Mining vs. Shanghai Rightongene Biotechnology | Zijin Mining vs. Xiangyu Medical 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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