Correlation Between China Aluminum and ZYF Lopsking
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By analyzing existing cross correlation between China Aluminum International and ZYF Lopsking Aluminum, you can compare the effects of market volatilities on China Aluminum 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 China Aluminum with a short position of ZYF Lopsking. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Aluminum and ZYF Lopsking.
Diversification Opportunities for China Aluminum and ZYF Lopsking
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and ZYF is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding China Aluminum International 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 China Aluminum 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 China Aluminum International 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 China Aluminum i.e., China Aluminum and ZYF Lopsking go up and down completely randomly.
Pair Corralation between China Aluminum and ZYF Lopsking
Assuming the 90 days trading horizon China Aluminum International is expected to under-perform the ZYF Lopsking. But the stock apears to be less risky and, when comparing its historical volatility, China Aluminum International is 1.01 times less risky than ZYF Lopsking. The stock trades about -0.01 of its potential returns per unit of risk. The ZYF Lopsking Aluminum is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 539.00 in ZYF Lopsking Aluminum on August 25, 2024 and sell it today you would earn a total of 7.00 from holding ZYF Lopsking Aluminum or generate 1.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Aluminum International vs. ZYF Lopsking Aluminum
Performance |
| Timeline |
| China Aluminum Inter |
| ZYF Lopsking Aluminum |
China Aluminum and ZYF Lopsking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Aluminum and ZYF Lopsking
The main advantage of trading using opposite China Aluminum and ZYF Lopsking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Aluminum 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.| China Aluminum vs. Chengdu Kanghua Biological | China Aluminum vs. Beijing Wantai Biological | China Aluminum vs. Suzhou Novoprotein Scientific | China Aluminum vs. Aluminum Corp of |
| ZYF Lopsking vs. Guangzhou Automobile Group | ZYF Lopsking vs. Songz Automobile Air | ZYF Lopsking vs. Zhejiang Yongjin Metal | ZYF Lopsking vs. Anhui Jianghuai Automobile |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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