Correlation Between Rising Nonferrous and Zhuzhou Kibing
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By analyzing existing cross correlation between Rising Nonferrous Metals and Zhuzhou Kibing Group, you can compare the effects of market volatilities on Rising Nonferrous and Zhuzhou Kibing 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 Rising Nonferrous with a short position of Zhuzhou Kibing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rising Nonferrous and Zhuzhou Kibing.
Diversification Opportunities for Rising Nonferrous and Zhuzhou Kibing
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Rising and Zhuzhou is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Rising Nonferrous Metals and Zhuzhou Kibing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Kibing Group and Rising Nonferrous 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 Rising Nonferrous Metals are associated (or correlated) with Zhuzhou Kibing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Kibing Group has no effect on the direction of Rising Nonferrous i.e., Rising Nonferrous and Zhuzhou Kibing go up and down completely randomly.
Pair Corralation between Rising Nonferrous and Zhuzhou Kibing
Assuming the 90 days trading horizon Rising Nonferrous Metals is expected to under-perform the Zhuzhou Kibing. In addition to that, Rising Nonferrous is 1.21 times more volatile than Zhuzhou Kibing Group. It trades about -0.15 of its total potential returns per unit of risk. Zhuzhou Kibing Group is currently generating about -0.09 per unit of volatility. If you would invest 660.00 in Zhuzhou Kibing Group on September 13, 2024 and sell it today you would lose (23.00) from holding Zhuzhou Kibing Group or give up 3.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rising Nonferrous Metals vs. Zhuzhou Kibing Group
Performance |
| Timeline |
| Rising Nonferrous Metals |
| Zhuzhou Kibing Group |
Rising Nonferrous and Zhuzhou Kibing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rising Nonferrous and Zhuzhou Kibing
The main advantage of trading using opposite Rising Nonferrous and Zhuzhou Kibing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rising Nonferrous position performs unexpectedly, Zhuzhou Kibing 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 Zhuzhou Kibing will offset losses from the drop in Zhuzhou Kibing's long position.| Rising Nonferrous vs. Allwin Telecommunication Co | Rising Nonferrous vs. Lander Sports Development | Rising Nonferrous vs. Dook Media Group | Rising Nonferrous vs. JiShi Media Co |
| Zhuzhou Kibing vs. PetroChina Co Ltd | Zhuzhou Kibing vs. China Mobile Limited | Zhuzhou Kibing vs. CNOOC Limited | Zhuzhou Kibing vs. Ping An Insurance |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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