Correlation Between Zijin Mining and Vohringer Home
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By analyzing existing cross correlation between Zijin Mining Group and Vohringer Home Technology, you can compare the effects of market volatilities on Zijin Mining and Vohringer Home 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 Vohringer Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Vohringer Home.
Diversification Opportunities for Zijin Mining and Vohringer Home
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zijin and Vohringer is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Vohringer Home Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vohringer Home Technology 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 Vohringer Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vohringer Home Technology has no effect on the direction of Zijin Mining i.e., Zijin Mining and Vohringer Home go up and down completely randomly.
Pair Corralation between Zijin Mining and Vohringer Home
Assuming the 90 days trading horizon Zijin Mining Group is expected to under-perform the Vohringer Home. But the stock apears to be less risky and, when comparing its historical volatility, Zijin Mining Group is 2.04 times less risky than Vohringer Home. The stock trades about -0.25 of its potential returns per unit of risk. The Vohringer Home Technology is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 433.00 in Vohringer Home Technology on August 29, 2024 and sell it today you would earn a total of 55.00 from holding Vohringer Home Technology or generate 12.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Vohringer Home Technology
Performance |
| Timeline |
| Zijin Mining Group |
| Vohringer Home Technology |
Zijin Mining and Vohringer Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Vohringer Home
The main advantage of trading using opposite Zijin Mining and Vohringer Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Vohringer Home 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 Vohringer Home will offset losses from the drop in Vohringer Home's long position.| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical Co | Zijin Mining vs. Inner Mongolia BaoTou |
| Vohringer Home vs. Longjian Road Bridge | Vohringer Home vs. CICC Fund Management | Vohringer Home vs. Zhongshan Broad Ocean Motor | Vohringer Home vs. Anhui Transport Consulting |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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