Correlation Between Suzhou Xingye and Zijin Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Suzhou Xingye Material and Zijin Mining Group, you can compare the effects of market volatilities on Suzhou Xingye 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 Suzhou Xingye with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Xingye and Zijin Mining.
Diversification Opportunities for Suzhou Xingye and Zijin Mining
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Suzhou and Zijin is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Xingye Material 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 Suzhou Xingye 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 Suzhou Xingye Material 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 Suzhou Xingye i.e., Suzhou Xingye and Zijin Mining go up and down completely randomly.
Pair Corralation between Suzhou Xingye and Zijin Mining
Assuming the 90 days trading horizon Suzhou Xingye is expected to generate 2.96 times less return on investment than Zijin Mining. In addition to that, Suzhou Xingye is 1.74 times more volatile than Zijin Mining Group. It trades about 0.01 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.07 per unit of volatility. If you would invest 1,213 in Zijin Mining Group on August 29, 2024 and sell it today you would earn a total of 341.00 from holding Zijin Mining Group or generate 28.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Xingye Material vs. Zijin Mining Group
Performance |
| Timeline |
| Suzhou Xingye Material |
| Zijin Mining Group |
Suzhou Xingye and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Xingye and Zijin Mining
The main advantage of trading using opposite Suzhou Xingye and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Xingye 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.| Suzhou Xingye vs. Hunan Investment Group | Suzhou Xingye vs. Chengdu Xingrong Investment | Suzhou Xingye vs. Kunwu Jiuding Investment | Suzhou Xingye vs. Harbin Hatou Investment |
| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |