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
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zijin and Anhui is -0.37. 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 generate 1.04 times more return on investment than Anhui Huilong. However, Zijin Mining is 1.04 times more volatile than Anhui Huilong Agricultural. It trades about 0.14 of its potential returns per unit of risk. Anhui Huilong Agricultural is currently generating about -0.2 per unit of risk. If you would invest 1,530 in Zijin Mining Group on October 28, 2024 and sell it today you would earn a total of 72.00 from holding Zijin Mining Group or generate 4.71% 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. 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. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical Co |
| Anhui Huilong vs. Zijin Mining Group | Anhui Huilong vs. Wanhua Chemical Group | Anhui Huilong vs. Baoshan Iron Steel | Anhui Huilong 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |