Correlation Between Zijin Mining and Shenyang Huitian
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By analyzing existing cross correlation between Zijin Mining Group and Shenyang Huitian Thermal, you can compare the effects of market volatilities on Zijin Mining and Shenyang Huitian 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 Zijin Mining with a short position of Shenyang Huitian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Shenyang Huitian.
Diversification Opportunities for Zijin Mining and Shenyang Huitian
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Zijin and Shenyang is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Shenyang Huitian Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang Huitian Thermal and Zijin 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 Zijin Mining Group are associated (or correlated) with Shenyang Huitian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Huitian Thermal has no effect on the direction of Zijin Mining i.e., Zijin Mining and Shenyang Huitian go up and down completely randomly.
Pair Corralation between Zijin Mining and Shenyang Huitian
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.41 times more return on investment than Shenyang Huitian. However, Zijin Mining Group is 2.46 times less risky than Shenyang Huitian. It trades about -0.01 of its potential returns per unit of risk. Shenyang Huitian Thermal is currently generating about -0.1 per unit of risk. If you would invest 1,606 in Zijin Mining Group on October 11, 2024 and sell it today you would lose (14.00) from holding Zijin Mining Group or give up 0.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Shenyang Huitian Thermal
Performance |
| Timeline |
| Zijin Mining Group |
| Shenyang Huitian Thermal |
Zijin Mining and Shenyang Huitian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Shenyang Huitian
The main advantage of trading using opposite Zijin Mining and Shenyang Huitian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Shenyang Huitian 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 Shenyang Huitian will offset losses from the drop in Shenyang Huitian's long position.| Zijin Mining vs. INKON Life Technology | Zijin Mining vs. Kuang Chi Technologies | Zijin Mining vs. Linktel Technologies Co | Zijin Mining vs. Holitech Technology Co |
| Shenyang Huitian vs. Ping An Insurance | Shenyang Huitian vs. Bank of Suzhou | Shenyang Huitian vs. Xiamen Bank Co | Shenyang Huitian vs. Digiwin Software Co |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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