Correlation Between UE Furniture and Zijin Mining
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By analyzing existing cross correlation between UE Furniture Co and Zijin Mining Group, you can compare the effects of market volatilities on UE Furniture 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 UE Furniture with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of UE Furniture and Zijin Mining.
Diversification Opportunities for UE Furniture and Zijin Mining
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between 603600 and Zijin is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding UE Furniture Co 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 UE Furniture 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 UE Furniture Co 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 UE Furniture i.e., UE Furniture and Zijin Mining go up and down completely randomly.
Pair Corralation between UE Furniture and Zijin Mining
Assuming the 90 days trading horizon UE Furniture Co is expected to generate 1.66 times more return on investment than Zijin Mining. However, UE Furniture is 1.66 times more volatile than Zijin Mining Group. It trades about 0.14 of its potential returns per unit of risk. Zijin Mining Group is currently generating about 0.06 per unit of risk. If you would invest 1,121 in UE Furniture Co on October 23, 2024 and sell it today you would earn a total of 167.00 from holding UE Furniture Co or generate 14.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
UE Furniture Co vs. Zijin Mining Group
Performance |
| Timeline |
| UE Furniture |
| Zijin Mining Group |
UE Furniture and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UE Furniture and Zijin Mining
The main advantage of trading using opposite UE Furniture and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UE Furniture 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.| UE Furniture vs. Agricultural Bank of | UE Furniture vs. Industrial and Commercial | UE Furniture vs. Bank of China | UE Furniture vs. China Construction Bank |
| Zijin Mining vs. Easyhome New Retail | Zijin Mining vs. AVIC Fund Management | Zijin Mining vs. Shanghai CEO Environmental | Zijin Mining vs. UE Furniture 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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