Correlation Between Dosilicon and Zijin Mining
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By analyzing existing cross correlation between Dosilicon Co and Zijin Mining Group, you can compare the effects of market volatilities on Dosilicon 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 Dosilicon with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dosilicon and Zijin Mining.
Diversification Opportunities for Dosilicon and Zijin Mining
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dosilicon and Zijin is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Dosilicon 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 Dosilicon 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 Dosilicon 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 Dosilicon i.e., Dosilicon and Zijin Mining go up and down completely randomly.
Pair Corralation between Dosilicon and Zijin Mining
Assuming the 90 days trading horizon Dosilicon is expected to generate 17.95 times less return on investment than Zijin Mining. In addition to that, Dosilicon is 2.28 times more volatile than Zijin Mining Group. It trades about 0.0 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.16 per unit of volatility. If you would invest 1,535 in Zijin Mining Group on October 15, 2024 and sell it today you would earn a total of 80.00 from holding Zijin Mining Group or generate 5.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dosilicon Co vs. Zijin Mining Group
Performance |
| Timeline |
| Dosilicon |
| Zijin Mining Group |
Dosilicon and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dosilicon and Zijin Mining
The main advantage of trading using opposite Dosilicon and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dosilicon 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.| Dosilicon vs. Xiamen Jihong Package | Dosilicon vs. Youyou Foods Co | Dosilicon vs. Jiahe Foods Industry | Dosilicon vs. East Money Information |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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