Correlation Between Zijin Mining and Loctek Ergonomic
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By analyzing existing cross correlation between Zijin Mining Group and Loctek Ergonomic Technology, you can compare the effects of market volatilities on Zijin Mining and Loctek Ergonomic 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 Loctek Ergonomic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Loctek Ergonomic.
Diversification Opportunities for Zijin Mining and Loctek Ergonomic
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zijin and Loctek is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Loctek Ergonomic Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loctek Ergonomic Tec 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 Loctek Ergonomic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loctek Ergonomic Tec has no effect on the direction of Zijin Mining i.e., Zijin Mining and Loctek Ergonomic go up and down completely randomly.
Pair Corralation between Zijin Mining and Loctek Ergonomic
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.64 times more return on investment than Loctek Ergonomic. However, Zijin Mining Group is 1.55 times less risky than Loctek Ergonomic. It trades about 0.07 of its potential returns per unit of risk. Loctek Ergonomic Technology is currently generating about 0.0 per unit of risk. If you would invest 1,202 in Zijin Mining Group on October 16, 2024 and sell it today you would earn a total of 438.00 from holding Zijin Mining Group or generate 36.44% 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. Loctek Ergonomic Technology
Performance |
| Timeline |
| Zijin Mining Group |
| Loctek Ergonomic Tec |
Zijin Mining and Loctek Ergonomic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Loctek Ergonomic
The main advantage of trading using opposite Zijin Mining and Loctek Ergonomic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Loctek Ergonomic 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 Loctek Ergonomic will offset losses from the drop in Loctek Ergonomic's long position.| Zijin Mining vs. Shuhua Sports Co | Zijin Mining vs. Advanced Technology Materials | Zijin Mining vs. King Strong New Material | Zijin Mining vs. Cansino Biologics |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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