Correlation Between Zijin Mining and Anhui Huilong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zijin Mining Group and Anhui Huilong Agricultural, you can compare the effects of market volatilities on Zijin Mining and Anhui Huilong 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 Anhui Huilong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Anhui Huilong.
Diversification Opportunities for Zijin Mining and Anhui Huilong
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Zijin and Anhui is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Anhui Huilong Agricultural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huilong Agricu 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 Anhui Huilong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huilong Agricu has no effect on the direction of Zijin Mining i.e., Zijin Mining and Anhui Huilong go up and down completely randomly.
Pair Corralation between Zijin Mining and Anhui Huilong
Assuming the 90 days trading horizon Zijin Mining Group is expected to under-perform the Anhui Huilong. But the stock apears to be less risky and, when comparing its historical volatility, Zijin Mining Group is 2.51 times less risky than Anhui Huilong. The stock trades about -0.23 of its potential returns per unit of risk. The Anhui Huilong Agricultural is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 538.00 in Anhui Huilong Agricultural on August 30, 2024 and sell it today you would earn a total of 73.00 from holding Anhui Huilong Agricultural or generate 13.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Anhui Huilong Agricultural
Performance |
| Timeline |
| Zijin Mining Group |
| Anhui Huilong Agricu |
Zijin Mining and Anhui Huilong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Anhui Huilong
The main advantage of trading using opposite Zijin Mining and Anhui Huilong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Anhui Huilong 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 Anhui Huilong will offset losses from the drop in Anhui Huilong's long position.| Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical Co | Zijin Mining vs. Inner Mongolia BaoTou | Zijin Mining vs. Jiangxi Ganfeng Lithium |
| Anhui Huilong vs. Shenyang Huitian Thermal | Anhui Huilong vs. Pengxin International Mining | Anhui Huilong vs. Chongqing Brewery Co | Anhui Huilong vs. Zhejiang Yayi Metal |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |