Correlation Between Zijin Mining and Integrated Electronic
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By analyzing existing cross correlation between Zijin Mining Group and Integrated Electronic Systems, you can compare the effects of market volatilities on Zijin Mining and Integrated Electronic 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 Integrated Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Integrated Electronic.
Diversification Opportunities for Zijin Mining and Integrated Electronic
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Zijin and Integrated is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Integrated Electronic Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integrated Electronic 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 Integrated Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integrated Electronic has no effect on the direction of Zijin Mining i.e., Zijin Mining and Integrated Electronic go up and down completely randomly.
Pair Corralation between Zijin Mining and Integrated Electronic
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.31 times more return on investment than Integrated Electronic. However, Zijin Mining Group is 3.22 times less risky than Integrated Electronic. It trades about 0.11 of its potential returns per unit of risk. Integrated Electronic Systems is currently generating about -0.15 per unit of risk. If you would invest 1,557 in Zijin Mining Group on October 14, 2024 and sell it today you would earn a total of 58.00 from holding Zijin Mining Group or generate 3.73% 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. Integrated Electronic Systems
Performance |
| Timeline |
| Zijin Mining Group |
| Integrated Electronic |
Zijin Mining and Integrated Electronic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Integrated Electronic
The main advantage of trading using opposite Zijin Mining and Integrated Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Integrated Electronic 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 Integrated Electronic will offset losses from the drop in Integrated Electronic's long position.| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical Co |
| Integrated Electronic vs. Wuhan Yangtze Communication | Integrated Electronic vs. Dr Peng Telecom | Integrated Electronic vs. Beijing Kingsoft Office | Integrated Electronic vs. Eastern Communications 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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