Correlation Between Epoxy Base and Zijin Mining
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By analyzing existing cross correlation between Epoxy Base Electronic and Zijin Mining Group, you can compare the effects of market volatilities on Epoxy Base and Zijin Mining 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 Epoxy Base with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Epoxy Base and Zijin Mining.
Diversification Opportunities for Epoxy Base and Zijin Mining
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Epoxy and Zijin is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Epoxy Base Electronic and Zijin Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zijin Mining Group and Epoxy Base 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 Epoxy Base Electronic are associated (or correlated) with Zijin Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zijin Mining Group has no effect on the direction of Epoxy Base i.e., Epoxy Base and Zijin Mining go up and down completely randomly.
Pair Corralation between Epoxy Base and Zijin Mining
Assuming the 90 days trading horizon Epoxy Base Electronic is expected to generate 2.16 times more return on investment than Zijin Mining. However, Epoxy Base is 2.16 times more volatile than Zijin Mining Group. It trades about 0.17 of its potential returns per unit of risk. Zijin Mining Group is currently generating about 0.18 per unit of risk. If you would invest 492.00 in Epoxy Base Electronic on November 5, 2024 and sell it today you would earn a total of 48.00 from holding Epoxy Base Electronic or generate 9.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Epoxy Base Electronic vs. Zijin Mining Group
Performance |
| Timeline |
| Epoxy Base Electronic |
| Zijin Mining Group |
Epoxy Base and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Epoxy Base and Zijin Mining
The main advantage of trading using opposite Epoxy Base and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Epoxy Base position performs unexpectedly, Zijin Mining 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 Zijin Mining will offset losses from the drop in Zijin Mining's long position.| Epoxy Base vs. Beijing YanDong MicroElectronic | Epoxy Base vs. Fuzhou Rockchip Electronics | Epoxy Base vs. Ningbo Tech Bank Co | Epoxy Base vs. Weihai Honglin Electronic |
| Zijin Mining vs. Chengdu Xingrong Investment | Zijin Mining vs. Metro Investment Development | Zijin Mining vs. Hubei Geoway Investment | Zijin Mining vs. Linewell Software Co |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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