Correlation Between Fushun Special and Zijin Mining
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By analyzing existing cross correlation between Fushun Special Steel and Zijin Mining Group, you can compare the effects of market volatilities on Fushun Special 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 Fushun Special with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fushun Special and Zijin Mining.
Diversification Opportunities for Fushun Special and Zijin Mining
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fushun and Zijin is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Fushun Special Steel 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 Fushun Special 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 Fushun Special Steel 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 Fushun Special i.e., Fushun Special and Zijin Mining go up and down completely randomly.
Pair Corralation between Fushun Special and Zijin Mining
Assuming the 90 days trading horizon Fushun Special Steel is expected to under-perform the Zijin Mining. In addition to that, Fushun Special is 1.33 times more volatile than Zijin Mining Group. It trades about -0.05 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.05 per unit of volatility. If you would invest 1,017 in Zijin Mining Group on September 3, 2024 and sell it today you would earn a total of 553.00 from holding Zijin Mining Group or generate 54.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fushun Special Steel vs. Zijin Mining Group
Performance |
| Timeline |
| Fushun Special Steel |
| Zijin Mining Group |
Fushun Special and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fushun Special and Zijin Mining
The main advantage of trading using opposite Fushun Special and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fushun Special 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.| Fushun Special vs. Zijin Mining Group | Fushun Special vs. Wanhua Chemical Group | Fushun Special vs. Baoshan Iron Steel | Fushun Special vs. Rongsheng Petrochemical Co |
| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Rongsheng Petrochemical Co | Zijin Mining vs. Hoshine Silicon Ind |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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