Correlation Between Jiangsu GDK and Zijin Mining
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By analyzing existing cross correlation between Jiangsu GDK Biotechnology and Zijin Mining Group, you can compare the effects of market volatilities on Jiangsu GDK 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 Jiangsu GDK with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu GDK and Zijin Mining.
Diversification Opportunities for Jiangsu GDK and Zijin Mining
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Zijin is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu GDK Biotechnology 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 Jiangsu GDK 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 Jiangsu GDK 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 Jiangsu GDK i.e., Jiangsu GDK and Zijin Mining go up and down completely randomly.
Pair Corralation between Jiangsu GDK and Zijin Mining
Assuming the 90 days trading horizon Jiangsu GDK Biotechnology is expected to under-perform the Zijin Mining. In addition to that, Jiangsu GDK is 1.94 times more volatile than Zijin Mining Group. It trades about -0.06 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about -0.06 per unit of volatility. If you would invest 1,749 in Zijin Mining Group on October 24, 2024 and sell it today you would lose (124.00) from holding Zijin Mining Group or give up 7.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu GDK Biotechnology vs. Zijin Mining Group
Performance |
| Timeline |
| Jiangsu GDK Biotechnology |
| Zijin Mining Group |
Jiangsu GDK and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu GDK and Zijin Mining
The main advantage of trading using opposite Jiangsu GDK and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu GDK 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.| Jiangsu GDK vs. China Minmetals Rare | Jiangsu GDK vs. Bosera CMSK Industrial | Jiangsu GDK vs. Xinjiang Baodi Mining | Jiangsu GDK vs. Soochow Suzhou Industrial |
| Zijin Mining vs. Bloomage Biotechnology Corp | Zijin Mining vs. Jiangsu GDK Biotechnology | Zijin Mining vs. JCHX Mining Management | Zijin Mining vs. Hainan Mining 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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