Correlation Between AVIC Fund and Zijin Mining
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By analyzing existing cross correlation between AVIC Fund Management and Zijin Mining Group, you can compare the effects of market volatilities on AVIC Fund 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 AVIC Fund with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Zijin Mining.
Diversification Opportunities for AVIC Fund and Zijin Mining
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between AVIC and Zijin is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management 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 AVIC Fund 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 AVIC Fund Management 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 AVIC Fund i.e., AVIC Fund and Zijin Mining go up and down completely randomly.
Pair Corralation between AVIC Fund and Zijin Mining
Assuming the 90 days trading horizon AVIC Fund is expected to generate 2.34 times less return on investment than Zijin Mining. But when comparing it to its historical volatility, AVIC Fund Management is 2.44 times less risky than Zijin Mining. It trades about 0.23 of its potential returns per unit of risk. Zijin Mining Group is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 1,518 in Zijin Mining Group on November 3, 2024 and sell it today you would earn a total of 106.00 from holding Zijin Mining Group or generate 6.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. Zijin Mining Group
Performance |
| Timeline |
| AVIC Fund Management |
| Zijin Mining Group |
AVIC Fund and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Zijin Mining
The main advantage of trading using opposite AVIC Fund and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund 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.| AVIC Fund vs. Peoples Insurance of | AVIC Fund vs. Hainan Airlines Co | AVIC Fund vs. Ping An Insurance | AVIC Fund vs. Ligao Foods CoLtd |
| Zijin Mining vs. Fiberhome Telecommunication Technologies | Zijin Mining vs. Tongyu Communication | Zijin Mining vs. Changjiang Publishing Media | Zijin Mining vs. Allwin Telecommunication 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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