Correlation Between Xiangyu Medical and Zijin Mining
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By analyzing existing cross correlation between Xiangyu Medical Co and Zijin Mining Group, you can compare the effects of market volatilities on Xiangyu Medical 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 Xiangyu Medical with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Zijin Mining.
Diversification Opportunities for Xiangyu Medical and Zijin Mining
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xiangyu and Zijin is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical 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 Xiangyu Medical 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 Xiangyu Medical 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 Xiangyu Medical i.e., Xiangyu Medical and Zijin Mining go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Zijin Mining
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to under-perform the Zijin Mining. In addition to that, Xiangyu Medical is 1.23 times more volatile than Zijin Mining Group. It trades about -0.13 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Zijin Mining Group
Performance |
| Timeline |
| Xiangyu Medical |
| Zijin Mining Group |
Xiangyu Medical and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Zijin Mining
The main advantage of trading using opposite Xiangyu Medical and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical 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.| Xiangyu Medical vs. Agricultural Bank of | Xiangyu Medical vs. Industrial and Commercial | Xiangyu Medical vs. Bank of China | Xiangyu Medical vs. China Construction Bank |
| 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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