Correlation Between Zijin Mining and Zhejiang Publishing
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By analyzing existing cross correlation between Zijin Mining Group and Zhejiang Publishing Media, you can compare the effects of market volatilities on Zijin Mining and Zhejiang Publishing 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 Zhejiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Zhejiang Publishing.
Diversification Opportunities for Zijin Mining and Zhejiang Publishing
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zijin and Zhejiang is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Zhejiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Publishing 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 Zhejiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Publishing Media has no effect on the direction of Zijin Mining i.e., Zijin Mining and Zhejiang Publishing go up and down completely randomly.
Pair Corralation between Zijin Mining and Zhejiang Publishing
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 1.18 times more return on investment than Zhejiang Publishing. However, Zijin Mining is 1.18 times more volatile than Zhejiang Publishing Media. It trades about 0.16 of its potential returns per unit of risk. Zhejiang Publishing Media is currently generating about -0.64 per unit of risk. If you would invest 1,535 in Zijin Mining Group on October 15, 2024 and sell it today you would earn a total of 80.00 from holding Zijin Mining Group or generate 5.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Zhejiang Publishing Media
Performance |
| Timeline |
| Zijin Mining Group |
| Zhejiang Publishing Media |
Zijin Mining and Zhejiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Zhejiang Publishing
The main advantage of trading using opposite Zijin Mining and Zhejiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Zhejiang Publishing 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 Zhejiang Publishing will offset losses from the drop in Zhejiang Publishing's long position.| Zijin Mining vs. Shuhua Sports Co | Zijin Mining vs. Advanced Technology Materials | Zijin Mining vs. King Strong New Material | Zijin Mining vs. Cansino Biologics |
| Zhejiang Publishing vs. Heilongjiang Transport Development | Zhejiang Publishing vs. Shanghai Jinfeng Wine | Zhejiang Publishing vs. Dazhong Transportation Group | Zhejiang Publishing vs. Citic Guoan Wine |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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