Correlation Between Zijin Mining and Jiujiang Shanshui
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By analyzing existing cross correlation between Zijin Mining Group and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Zijin Mining and Jiujiang Shanshui 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 Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Jiujiang Shanshui.
Diversification Opportunities for Zijin Mining and Jiujiang Shanshui
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zijin and Jiujiang is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui 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 Jiujiang Shanshui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiujiang Shanshui has no effect on the direction of Zijin Mining i.e., Zijin Mining and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Zijin Mining and Jiujiang Shanshui
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.8 times more return on investment than Jiujiang Shanshui. However, Zijin Mining Group is 1.24 times less risky than Jiujiang Shanshui. It trades about 0.06 of its potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about -0.02 per unit of risk. If you would invest 1,204 in Zijin Mining Group on August 27, 2024 and sell it today you would earn a total of 372.00 from holding Zijin Mining Group or generate 30.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Jiujiang Shanshui Technology
Performance |
| Timeline |
| Zijin Mining Group |
| Jiujiang Shanshui |
Zijin Mining and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Jiujiang Shanshui
The main advantage of trading using opposite Zijin Mining and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Jiujiang Shanshui 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 Jiujiang Shanshui will offset losses from the drop in Jiujiang Shanshui's long position.| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical Co | Zijin Mining vs. Inner Mongolia BaoTou |
| Jiujiang Shanshui vs. Qilu Bank Co | Jiujiang Shanshui vs. Telling Telecommunication Holding | Jiujiang Shanshui vs. HeNan Splendor Science | Jiujiang Shanshui vs. Jilin Jlu Communication |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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