Correlation Between Zhejiang Yayi and Sino Platinum
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By analyzing existing cross correlation between Zhejiang Yayi Metal and Sino Platinum Metals Co, you can compare the effects of market volatilities on Zhejiang Yayi and Sino Platinum 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 Zhejiang Yayi with a short position of Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yayi and Sino Platinum.
Diversification Opportunities for Zhejiang Yayi and Sino Platinum
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Zhejiang and Sino is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yayi Metal and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum Metals and Zhejiang Yayi 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 Zhejiang Yayi Metal are associated (or correlated) with Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Zhejiang Yayi i.e., Zhejiang Yayi and Sino Platinum go up and down completely randomly.
Pair Corralation between Zhejiang Yayi and Sino Platinum
Assuming the 90 days trading horizon Zhejiang Yayi Metal is expected to generate 1.83 times more return on investment than Sino Platinum. However, Zhejiang Yayi is 1.83 times more volatile than Sino Platinum Metals Co. It trades about 0.01 of its potential returns per unit of risk. Sino Platinum Metals Co is currently generating about 0.01 per unit of risk. If you would invest 2,948 in Zhejiang Yayi Metal on September 4, 2024 and sell it today you would lose (203.00) from holding Zhejiang Yayi Metal or give up 6.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Yayi Metal vs. Sino Platinum Metals Co
Performance |
| Timeline |
| Zhejiang Yayi Metal |
| Sino Platinum Metals |
Zhejiang Yayi and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yayi and Sino Platinum
The main advantage of trading using opposite Zhejiang Yayi and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yayi position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.| Zhejiang Yayi vs. Industrial and Commercial | Zhejiang Yayi vs. Agricultural Bank of | Zhejiang Yayi vs. China Construction Bank | Zhejiang Yayi vs. Bank of China |
| Sino Platinum vs. Zijin Mining Group | Sino Platinum vs. Wanhua Chemical Group | Sino Platinum vs. Baoshan Iron Steel | Sino Platinum vs. Rongsheng Petrochemical 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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