Correlation Between Zijin Mining and Telling Telecommunicatio
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By analyzing existing cross correlation between Zijin Mining Group and Telling Telecommunication Holding, you can compare the effects of market volatilities on Zijin Mining and Telling Telecommunicatio 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 Telling Telecommunicatio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Telling Telecommunicatio.
Diversification Opportunities for Zijin Mining and Telling Telecommunicatio
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zijin and Telling is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Telling Telecommunication Hold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Telling Telecommunicatio 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 Telling Telecommunicatio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Telling Telecommunicatio has no effect on the direction of Zijin Mining i.e., Zijin Mining and Telling Telecommunicatio go up and down completely randomly.
Pair Corralation between Zijin Mining and Telling Telecommunicatio
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.5 times more return on investment than Telling Telecommunicatio. However, Zijin Mining Group is 2.01 times less risky than Telling Telecommunicatio. It trades about -0.01 of its potential returns per unit of risk. Telling Telecommunication Holding is currently generating about -0.35 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Telling Telecommunication Hold
Performance |
| Timeline |
| Zijin Mining Group |
| Telling Telecommunicatio |
Zijin Mining and Telling Telecommunicatio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Telling Telecommunicatio
The main advantage of trading using opposite Zijin Mining and Telling Telecommunicatio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Telling Telecommunicatio 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 Telling Telecommunicatio will offset losses from the drop in Telling Telecommunicatio'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 |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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