Correlation Between Zijin Mining and Beijing Bashi
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By analyzing existing cross correlation between Zijin Mining Group and Beijing Bashi Media, you can compare the effects of market volatilities on Zijin Mining and Beijing Bashi 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 Beijing Bashi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Beijing Bashi.
Diversification Opportunities for Zijin Mining and Beijing Bashi
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zijin and Beijing is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Beijing Bashi Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Bashi Media 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 Beijing Bashi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Bashi Media has no effect on the direction of Zijin Mining i.e., Zijin Mining and Beijing Bashi go up and down completely randomly.
Pair Corralation between Zijin Mining and Beijing Bashi
If you would invest 1,151 in Zijin Mining Group on September 1, 2024 and sell it today you would earn a total of 419.00 from holding Zijin Mining Group or generate 36.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Beijing Bashi Media
Performance |
| Timeline |
| Zijin Mining Group |
| Beijing Bashi Media |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Zijin Mining and Beijing Bashi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Beijing Bashi
The main advantage of trading using opposite Zijin Mining and Beijing Bashi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Beijing Bashi 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 Beijing Bashi will offset losses from the drop in Beijing Bashi's long position.| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical Co |
| Beijing Bashi vs. Citic Guoan Wine | Beijing Bashi vs. Yangmei Chemical Co | Beijing Bashi vs. Anhui Gujing Distillery | Beijing Bashi vs. Guangzhou Jointas Chemical |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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