Correlation Between Postal Savings and Zhongrun Resources
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By analyzing existing cross correlation between Postal Savings Bank and Zhongrun Resources Investment, you can compare the effects of market volatilities on Postal Savings and Zhongrun Resources 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 Postal Savings with a short position of Zhongrun Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and Zhongrun Resources.
Diversification Opportunities for Postal Savings and Zhongrun Resources
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Postal and Zhongrun is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and Zhongrun Resources Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongrun Resources and Postal Savings 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 Postal Savings Bank are associated (or correlated) with Zhongrun Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongrun Resources has no effect on the direction of Postal Savings i.e., Postal Savings and Zhongrun Resources go up and down completely randomly.
Pair Corralation between Postal Savings and Zhongrun Resources
Assuming the 90 days trading horizon Postal Savings is expected to generate 2.91 times less return on investment than Zhongrun Resources. But when comparing it to its historical volatility, Postal Savings Bank is 2.69 times less risky than Zhongrun Resources. It trades about 0.03 of its potential returns per unit of risk. Zhongrun Resources Investment is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 459.00 in Zhongrun Resources Investment on December 4, 2024 and sell it today you would earn a total of 79.00 from holding Zhongrun Resources Investment or generate 17.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Postal Savings Bank vs. Zhongrun Resources Investment
Performance |
| Timeline |
| Postal Savings Bank |
| Zhongrun Resources |
Postal Savings and Zhongrun Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and Zhongrun Resources
The main advantage of trading using opposite Postal Savings and Zhongrun Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, Zhongrun Resources 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 Zhongrun Resources will offset losses from the drop in Zhongrun Resources' long position.| Postal Savings vs. Huaibei Mining Holdings | Postal Savings vs. Beijing Seeyon Internet | Postal Savings vs. Queclink Wireless Solutions | Postal Savings vs. XinJiang GuoTong Pipeline |
| Zhongrun Resources vs. Tibet Huayu Mining | Zhongrun Resources vs. Shenzhen AV Display Co | Zhongrun Resources vs. Qingdao Choho Industrial | Zhongrun Resources vs. Yoantion Industrial IncLtd |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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