Correlation Between Shanghai Yaohua and Zijin Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shanghai Yaohua Pilkington and Zijin Mining Group, you can compare the effects of market volatilities on Shanghai Yaohua 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 Yaohua with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Yaohua and Zijin Mining.
Diversification Opportunities for Shanghai Yaohua and Zijin Mining
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shanghai and Zijin is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Yaohua Pilkington 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 Yaohua 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 Yaohua Pilkington 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 Yaohua i.e., Shanghai Yaohua and Zijin Mining go up and down completely randomly.
Pair Corralation between Shanghai Yaohua and Zijin Mining
Assuming the 90 days trading horizon Shanghai Yaohua Pilkington is expected to under-perform the Zijin Mining. In addition to that, Shanghai Yaohua is 1.12 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 0.04 per unit of volatility. If you would invest 1,137 in Zijin Mining Group on November 28, 2024 and sell it today you would earn a total of 441.00 from holding Zijin Mining Group or generate 38.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Yaohua Pilkington vs. Zijin Mining Group
Performance |
| Timeline |
| Shanghai Yaohua Pilk |
| Zijin Mining Group |
Shanghai Yaohua and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Yaohua and Zijin Mining
The main advantage of trading using opposite Shanghai Yaohua and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Yaohua 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 Yaohua vs. Vanfund Urban Investment | Shanghai Yaohua vs. Beijing Mainstreets Investment | Shanghai Yaohua vs. Bus Online Co | Shanghai Yaohua vs. Zoje Resources Investment |
| Zijin Mining vs. Circuit Fabology Microelectronics | Zijin Mining vs. Techshine Electronics Co | Zijin Mining vs. LianChuang Electronic Technology | Zijin Mining vs. Ping An Insurance |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |