Correlation Between Zijin Mining and Bus Online
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By analyzing existing cross correlation between Zijin Mining Group and Bus Online Co, you can compare the effects of market volatilities on Zijin Mining and Bus Online 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 Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Bus Online.
Diversification Opportunities for Zijin Mining and Bus Online
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zijin and Bus is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online 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 Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Zijin Mining i.e., Zijin Mining and Bus Online go up and down completely randomly.
Pair Corralation between Zijin Mining and Bus Online
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.54 times more return on investment than Bus Online. However, Zijin Mining Group is 1.87 times less risky than Bus Online. It trades about 0.1 of its potential returns per unit of risk. Bus Online Co is currently generating about -0.11 per unit of risk. If you would invest 1,554 in Zijin Mining Group on October 29, 2024 and sell it today you would earn a total of 48.00 from holding Zijin Mining Group or generate 3.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Bus Online Co
Performance |
| Timeline |
| Zijin Mining Group |
| Bus Online |
Zijin Mining and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Bus Online
The main advantage of trading using opposite Zijin Mining and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Zijin Mining vs. Hainan Airlines Co | Zijin Mining vs. Duzhe Publishing Media | Zijin Mining vs. Sichuan Newsnet Media | Zijin Mining vs. Guangzhou KDT Machinery |
| Bus Online vs. Bank of Communications | Bus Online vs. Jilin Jlu Communication | Bus Online vs. Tongyu Communication | Bus Online vs. Threes Company Media |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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