Correlation Between Chengtun Mining and Zhejiang Transfar
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chengtun Mining Group and Zhejiang Transfar Co, you can compare the effects of market volatilities on Chengtun Mining and Zhejiang Transfar 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 Chengtun Mining with a short position of Zhejiang Transfar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Zhejiang Transfar.
Diversification Opportunities for Chengtun Mining and Zhejiang Transfar
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Chengtun and Zhejiang is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Zhejiang Transfar Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Transfar and Chengtun Mining 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 Chengtun Mining Group are associated (or correlated) with Zhejiang Transfar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Transfar has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and Zhejiang Transfar go up and down completely randomly.
Pair Corralation between Chengtun Mining and Zhejiang Transfar
If you would invest 465.00 in Chengtun Mining Group on October 20, 2024 and sell it today you would earn a total of 54.00 from holding Chengtun Mining Group or generate 11.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Chengtun Mining Group vs. Zhejiang Transfar Co
Performance |
| Timeline |
| Chengtun Mining Group |
| Zhejiang Transfar |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Chengtun Mining and Zhejiang Transfar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and Zhejiang Transfar
The main advantage of trading using opposite Chengtun Mining and Zhejiang Transfar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, Zhejiang Transfar 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 Zhejiang Transfar will offset losses from the drop in Zhejiang Transfar's long position.| Chengtun Mining vs. Luyin Investment Group | Chengtun Mining vs. Beijing Mainstreets Investment | Chengtun Mining vs. Kunwu Jiuding Investment | Chengtun Mining vs. Jiangsu Yueda Investment |
| Zhejiang Transfar vs. Central Plains Environment | Zhejiang Transfar vs. Chongqing Brewery Co | Zhejiang Transfar vs. Eit Environmental Development | Zhejiang Transfar vs. Jointo Energy Investment |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |