Correlation Between Zijin Mining and Anhui Conch
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zijin Mining Group and Anhui Conch Cement, you can compare the effects of market volatilities on Zijin Mining and Anhui Conch 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 Anhui Conch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Anhui Conch.
Diversification Opportunities for Zijin Mining and Anhui Conch
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zijin and Anhui is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Anhui Conch Cement in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Conch Cement 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 Anhui Conch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Conch Cement has no effect on the direction of Zijin Mining i.e., Zijin Mining and Anhui Conch go up and down completely randomly.
Pair Corralation between Zijin Mining and Anhui Conch
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 1.27 times more return on investment than Anhui Conch. However, Zijin Mining is 1.27 times more volatile than Anhui Conch Cement. It trades about 0.04 of its potential returns per unit of risk. Anhui Conch Cement is currently generating about 0.01 per unit of risk. If you would invest 1,271 in Zijin Mining Group on January 20, 2025 and sell it today you would earn a total of 491.00 from holding Zijin Mining Group or generate 38.63% 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. Anhui Conch Cement
Performance |
| Timeline |
| Zijin Mining Group |
| Anhui Conch Cement |
Zijin Mining and Anhui Conch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Anhui Conch
The main advantage of trading using opposite Zijin Mining and Anhui Conch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Anhui Conch 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 Anhui Conch will offset losses from the drop in Anhui Conch's long position.| Zijin Mining vs. Bank of Communications | Zijin Mining vs. Rising Nonferrous Metals | Zijin Mining vs. Western Metal Materials | Zijin Mining vs. China Minmetals Rare |
| Anhui Conch vs. Ningbo Ligong Online | Anhui Conch vs. Nuode Investment Co | Anhui Conch vs. Xizi Clean Energy | Anhui Conch vs. Henan Shuanghui Investment |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Stocks Directory Find actively traded stocks across global markets | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |