Correlation Between Shandong Gold and ZYF Lopsking
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By analyzing existing cross correlation between Shandong Gold Mining and ZYF Lopsking Aluminum, you can compare the effects of market volatilities on Shandong Gold and ZYF Lopsking 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 Shandong Gold with a short position of ZYF Lopsking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Gold and ZYF Lopsking.
Diversification Opportunities for Shandong Gold and ZYF Lopsking
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shandong and ZYF is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Gold Mining and ZYF Lopsking Aluminum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZYF Lopsking Aluminum and Shandong Gold 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 Shandong Gold Mining are associated (or correlated) with ZYF Lopsking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZYF Lopsking Aluminum has no effect on the direction of Shandong Gold i.e., Shandong Gold and ZYF Lopsking go up and down completely randomly.
Pair Corralation between Shandong Gold and ZYF Lopsking
Assuming the 90 days trading horizon Shandong Gold Mining is expected to generate 0.73 times more return on investment than ZYF Lopsking. However, Shandong Gold Mining is 1.37 times less risky than ZYF Lopsking. It trades about 0.03 of its potential returns per unit of risk. ZYF Lopsking Aluminum is currently generating about 0.01 per unit of risk. If you would invest 2,088 in Shandong Gold Mining on August 25, 2024 and sell it today you would earn a total of 435.00 from holding Shandong Gold Mining or generate 20.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Gold Mining vs. ZYF Lopsking Aluminum
Performance |
| Timeline |
| Shandong Gold Mining |
| ZYF Lopsking Aluminum |
Shandong Gold and ZYF Lopsking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Gold and ZYF Lopsking
The main advantage of trading using opposite Shandong Gold and ZYF Lopsking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Gold position performs unexpectedly, ZYF Lopsking 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 ZYF Lopsking will offset losses from the drop in ZYF Lopsking's long position.| Shandong Gold vs. Xian International Medical | Shandong Gold vs. Lutian Machinery Co | Shandong Gold vs. Shaanxi Construction Machinery | Shandong Gold vs. Ningbo Construction Co |
| ZYF Lopsking vs. Zijin Mining Group | ZYF Lopsking vs. Wanhua Chemical Group | ZYF Lopsking vs. Baoshan Iron Steel | ZYF Lopsking vs. Shandong Gold Mining |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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