Correlation Between Zijin Mining and Poly Real
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zijin Mining Group and Poly Real Estate, you can compare the effects of market volatilities on Zijin Mining and Poly Real 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 Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Poly Real.
Diversification Opportunities for Zijin Mining and Poly Real
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zijin and Poly is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate 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 Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of Zijin Mining i.e., Zijin Mining and Poly Real go up and down completely randomly.
Pair Corralation between Zijin Mining and Poly Real
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.87 times more return on investment than Poly Real. However, Zijin Mining Group is 1.15 times less risky than Poly Real. It trades about 0.05 of its potential returns per unit of risk. Poly Real Estate is currently generating about -0.04 per unit of risk. If you would invest 1,118 in Zijin Mining Group on October 30, 2024 and sell it today you would earn a total of 506.00 from holding Zijin Mining Group or generate 45.26% 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. Poly Real Estate
Performance |
| Timeline |
| Zijin Mining Group |
| Poly Real Estate |
Zijin Mining and Poly Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Poly Real
The main advantage of trading using opposite Zijin Mining and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.| Zijin Mining vs. Porton Fine Chemicals | Zijin Mining vs. Eyebright Medical Technology | Zijin Mining vs. ROPEOK Technology Group | Zijin Mining vs. Sinofibers Technology Co |
| Poly Real vs. Guangzhou Restaurants Group | Poly Real vs. Easyhome New Retail | Poly Real vs. Shandong Sanyuan Biotechnology | Poly Real vs. Luolai Home Textile |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |