Correlation Between Shanghai Rightongene and Zijin Mining
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By analyzing existing cross correlation between Shanghai Rightongene Biotechnology and Zijin Mining Group, you can compare the effects of market volatilities on Shanghai Rightongene 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 Shanghai Rightongene with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Rightongene and Zijin Mining.
Diversification Opportunities for Shanghai Rightongene and Zijin Mining
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shanghai and Zijin is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Rightongene Biotechno 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 Shanghai Rightongene 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 Shanghai Rightongene Biotechnology 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 Shanghai Rightongene i.e., Shanghai Rightongene and Zijin Mining go up and down completely randomly.
Pair Corralation between Shanghai Rightongene and Zijin Mining
Assuming the 90 days trading horizon Shanghai Rightongene Biotechnology is expected to under-perform the Zijin Mining. In addition to that, Shanghai Rightongene is 1.42 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 0.14 per unit of volatility. If you would invest 1,530 in Zijin Mining Group on October 28, 2024 and sell it today you would earn a total of 72.00 from holding Zijin Mining Group or generate 4.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Rightongene Biotechno vs. Zijin Mining Group
Performance |
| Timeline |
| Shanghai Rightongene |
| Zijin Mining Group |
Shanghai Rightongene and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Rightongene and Zijin Mining
The main advantage of trading using opposite Shanghai Rightongene and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Rightongene 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.| Shanghai Rightongene vs. Sanbo Hospital Management | Shanghai Rightongene vs. Offshore Oil Engineering | Shanghai Rightongene vs. JCHX Mining Management | Shanghai Rightongene vs. China Asset Management |
| 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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