Correlation Between Zijin Mining and Orinko Advanced
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By analyzing existing cross correlation between Zijin Mining Group and Orinko Advanced Plastics, you can compare the effects of market volatilities on Zijin Mining and Orinko Advanced 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 Orinko Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Orinko Advanced.
Diversification Opportunities for Zijin Mining and Orinko Advanced
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zijin and Orinko is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Orinko Advanced Plastics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orinko Advanced Plastics 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 Orinko Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orinko Advanced Plastics has no effect on the direction of Zijin Mining i.e., Zijin Mining and Orinko Advanced go up and down completely randomly.
Pair Corralation between Zijin Mining and Orinko Advanced
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.63 times more return on investment than Orinko Advanced. However, Zijin Mining Group is 1.6 times less risky than Orinko Advanced. It trades about 0.14 of its potential returns per unit of risk. Orinko Advanced Plastics is currently generating about 0.0 per unit of risk. If you would invest 1,530 in Zijin Mining Group on October 28, 2024 and sell it today you would earn a total of 72.00 from holding Zijin Mining Group or generate 4.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Orinko Advanced Plastics
Performance |
| Timeline |
| Zijin Mining Group |
| Orinko Advanced Plastics |
Zijin Mining and Orinko Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Orinko Advanced
The main advantage of trading using opposite Zijin Mining and Orinko Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Orinko Advanced 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 Orinko Advanced will offset losses from the drop in Orinko Advanced's long position.| Zijin Mining vs. Hainan Airlines Co | Zijin Mining vs. Duzhe Publishing Media | Zijin Mining vs. Sichuan Newsnet Media | Zijin Mining vs. Guangzhou KDT Machinery |
| Orinko Advanced vs. Zhejiang Kingland Pipeline | Orinko Advanced vs. Guangxi Wuzhou Communications | Orinko Advanced vs. TianJin 712 Communication | Orinko Advanced vs. BTG Hotels Group |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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