Correlation Between Zijin Mining and Suzhou Xingye
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By analyzing existing cross correlation between Zijin Mining Group and Suzhou Xingye Material, you can compare the effects of market volatilities on Zijin Mining and Suzhou Xingye 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 Suzhou Xingye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Suzhou Xingye.
Diversification Opportunities for Zijin Mining and Suzhou Xingye
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zijin and Suzhou is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Suzhou Xingye Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Xingye Material 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 Suzhou Xingye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Xingye Material has no effect on the direction of Zijin Mining i.e., Zijin Mining and Suzhou Xingye go up and down completely randomly.
Pair Corralation between Zijin Mining and Suzhou Xingye
Assuming the 90 days trading horizon Zijin Mining Group is expected to under-perform the Suzhou Xingye. But the stock apears to be less risky and, when comparing its historical volatility, Zijin Mining Group is 1.3 times less risky than Suzhou Xingye. The stock trades about -0.01 of its potential returns per unit of risk. The Suzhou Xingye Material is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 734.00 in Suzhou Xingye Material on August 29, 2024 and sell it today you would earn a total of 172.00 from holding Suzhou Xingye Material or generate 23.43% 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. Suzhou Xingye Material
Performance |
| Timeline |
| Zijin Mining Group |
| Suzhou Xingye Material |
Zijin Mining and Suzhou Xingye Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Suzhou Xingye
The main advantage of trading using opposite Zijin Mining and Suzhou Xingye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Suzhou Xingye 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 Suzhou Xingye will offset losses from the drop in Suzhou Xingye'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 |
| Suzhou Xingye vs. Hunan Investment Group | Suzhou Xingye vs. Chengdu Xingrong Investment | Suzhou Xingye vs. Kunwu Jiuding Investment | Suzhou Xingye vs. Harbin Hatou 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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