Correlation Between Zijin Mining and Humanwell Healthcare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zijin Mining Group and Humanwell Healthcare Group, you can compare the effects of market volatilities on Zijin Mining and Humanwell Healthcare 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 Humanwell Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Humanwell Healthcare.
Diversification Opportunities for Zijin Mining and Humanwell Healthcare
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zijin and Humanwell is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Humanwell Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Humanwell Healthcare 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 Humanwell Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Humanwell Healthcare has no effect on the direction of Zijin Mining i.e., Zijin Mining and Humanwell Healthcare go up and down completely randomly.
Pair Corralation between Zijin Mining and Humanwell Healthcare
Assuming the 90 days trading horizon Zijin Mining Group is expected to under-perform the Humanwell Healthcare. But the stock apears to be less risky and, when comparing its historical volatility, Zijin Mining Group is 1.36 times less risky than Humanwell Healthcare. The stock trades about -0.28 of its potential returns per unit of risk. The Humanwell Healthcare Group is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,117 in Humanwell Healthcare Group on September 4, 2024 and sell it today you would earn a total of 153.00 from holding Humanwell Healthcare Group or generate 7.23% 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. Humanwell Healthcare Group
Performance |
| Timeline |
| Zijin Mining Group |
| Humanwell Healthcare |
Zijin Mining and Humanwell Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Humanwell Healthcare
The main advantage of trading using opposite Zijin Mining and Humanwell Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Humanwell Healthcare 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 Humanwell Healthcare will offset losses from the drop in Humanwell Healthcare's long position.| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Rongsheng Petrochemical Co | Zijin Mining vs. Shandong Gold Mining |
| Humanwell Healthcare vs. Industrial Bank Co | Humanwell Healthcare vs. Zijin Mining Group | Humanwell Healthcare vs. Jiangxi Naipu Mining | Humanwell Healthcare vs. Guocheng Mining Co |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |