Correlation Between Zijin Mining and Dymatic Chemicals
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By analyzing existing cross correlation between Zijin Mining Group and Dymatic Chemicals, you can compare the effects of market volatilities on Zijin Mining and Dymatic Chemicals 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 Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Dymatic Chemicals.
Diversification Opportunities for Zijin Mining and Dymatic Chemicals
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zijin and Dymatic is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals 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 Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of Zijin Mining i.e., Zijin Mining and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between Zijin Mining and Dymatic Chemicals
Assuming the 90 days trading horizon Zijin Mining is expected to generate 28.29 times less return on investment than Dymatic Chemicals. But when comparing it to its historical volatility, Zijin Mining Group is 1.46 times less risky than Dymatic Chemicals. It trades about 0.0 of its potential returns per unit of risk. Dymatic Chemicals is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 476.00 in Dymatic Chemicals on October 26, 2024 and sell it today you would earn a total of 117.00 from holding Dymatic Chemicals or generate 24.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Dymatic Chemicals
Performance |
| Timeline |
| Zijin Mining Group |
| Dymatic Chemicals |
Zijin Mining and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Dymatic Chemicals
The main advantage of trading using opposite Zijin Mining and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.| Zijin Mining vs. Heilongjiang Publishing Media | Zijin Mining vs. Hainan Haiqi Transportation | Zijin Mining vs. Chinese Universe Publishing | Zijin Mining vs. Shenzhen Urban Transport |
| Dymatic Chemicals vs. Zijin Mining Group | Dymatic Chemicals vs. Wanhua Chemical Group | Dymatic Chemicals vs. Baoshan Iron Steel | Dymatic Chemicals vs. Shandong Gold Mining |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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