Correlation Between Tianjin Silvery and Zijin Mining
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By analyzing existing cross correlation between Tianjin Silvery Dragon and Zijin Mining Group, you can compare the effects of market volatilities on Tianjin Silvery 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 Tianjin Silvery with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Silvery and Zijin Mining.
Diversification Opportunities for Tianjin Silvery and Zijin Mining
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tianjin and Zijin is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Silvery Dragon 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 Tianjin Silvery 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 Tianjin Silvery Dragon 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 Tianjin Silvery i.e., Tianjin Silvery and Zijin Mining go up and down completely randomly.
Pair Corralation between Tianjin Silvery and Zijin Mining
Assuming the 90 days trading horizon Tianjin Silvery Dragon is expected to under-perform the Zijin Mining. In addition to that, Tianjin Silvery is 2.35 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 0.15 per unit of volatility. If you would invest 1,557 in Zijin Mining Group on November 4, 2024 and sell it today you would earn a total of 67.00 from holding Zijin Mining Group or generate 4.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Silvery Dragon vs. Zijin Mining Group
Performance |
| Timeline |
| Tianjin Silvery Dragon |
| Zijin Mining Group |
Tianjin Silvery and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Silvery and Zijin Mining
The main advantage of trading using opposite Tianjin Silvery and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Silvery 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.| Tianjin Silvery vs. Xiandai Investment Co | Tianjin Silvery vs. Capitalonline Data Service | Tianjin Silvery vs. Beijing Yanjing Brewery | Tianjin Silvery vs. Aba Chemicals Corp |
| 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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