Correlation Between Zijin Mining and Jiamei Food
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By analyzing existing cross correlation between Zijin Mining Group and Jiamei Food Packaging, you can compare the effects of market volatilities on Zijin Mining and Jiamei Food 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 Jiamei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Jiamei Food.
Diversification Opportunities for Zijin Mining and Jiamei Food
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zijin and Jiamei is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Jiamei Food Packaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiamei Food Packaging 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 Jiamei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiamei Food Packaging has no effect on the direction of Zijin Mining i.e., Zijin Mining and Jiamei Food go up and down completely randomly.
Pair Corralation between Zijin Mining and Jiamei Food
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.57 times more return on investment than Jiamei Food. However, Zijin Mining Group is 1.75 times less risky than Jiamei Food. It trades about 0.22 of its potential returns per unit of risk. Jiamei Food Packaging is currently generating about 0.11 per unit of risk. If you would invest 1,518 in Zijin Mining Group on November 3, 2024 and sell it today you would earn a total of 106.00 from holding Zijin Mining Group or generate 6.98% 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. Jiamei Food Packaging
Performance |
| Timeline |
| Zijin Mining Group |
| Jiamei Food Packaging |
Zijin Mining and Jiamei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Jiamei Food
The main advantage of trading using opposite Zijin Mining and Jiamei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Jiamei Food 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 Jiamei Food will offset losses from the drop in Jiamei Food's long position.| Zijin Mining vs. Fiberhome Telecommunication Technologies | Zijin Mining vs. Tongyu Communication | Zijin Mining vs. Changjiang Publishing Media | Zijin Mining vs. Allwin Telecommunication Co |
| Jiamei Food vs. Zijin Mining Group | Jiamei Food vs. Wanhua Chemical Group | Jiamei Food vs. Baoshan Iron Steel | Jiamei Food 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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