Correlation Between Nantong Jiangshan and Zijin Mining
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By analyzing existing cross correlation between Nantong Jiangshan Agrochemical and Zijin Mining Group, you can compare the effects of market volatilities on Nantong Jiangshan 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 Nantong Jiangshan with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nantong Jiangshan and Zijin Mining.
Diversification Opportunities for Nantong Jiangshan and Zijin Mining
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nantong and Zijin is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Nantong Jiangshan Agrochemical 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 Nantong Jiangshan 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 Nantong Jiangshan Agrochemical 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 Nantong Jiangshan i.e., Nantong Jiangshan and Zijin Mining go up and down completely randomly.
Pair Corralation between Nantong Jiangshan and Zijin Mining
Assuming the 90 days trading horizon Nantong Jiangshan Agrochemical is expected to generate 1.32 times more return on investment than Zijin Mining. However, Nantong Jiangshan is 1.32 times more volatile than Zijin Mining Group. It trades about 0.25 of its potential returns per unit of risk. Zijin Mining Group is currently generating about -0.27 per unit of risk. If you would invest 1,377 in Nantong Jiangshan Agrochemical on August 25, 2024 and sell it today you would earn a total of 171.00 from holding Nantong Jiangshan Agrochemical or generate 12.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nantong Jiangshan Agrochemical vs. Zijin Mining Group
Performance |
| Timeline |
| Nantong Jiangshan |
| Zijin Mining Group |
Nantong Jiangshan and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nantong Jiangshan and Zijin Mining
The main advantage of trading using opposite Nantong Jiangshan and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nantong Jiangshan 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.| Nantong Jiangshan vs. Zijin Mining Group | Nantong Jiangshan vs. Wanhua Chemical Group | Nantong Jiangshan vs. Shandong Gold Mining | Nantong Jiangshan vs. Inner Mongolia BaoTou |
| Zijin Mining vs. Zhengzhou Coal Mining | Zijin Mining vs. Universal Scientific Industrial | Zijin Mining vs. Qingdao Choho Industrial | Zijin Mining vs. Rongcheer Industrial Technology |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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