Correlation Between Zijin Mining and ATOSS Software
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and ATOSS Software at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Zijin Mining and ATOSS Software into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Zijin Mining Group and ATOSS Software SE, you can compare the effects of market volatilities on Zijin Mining and ATOSS Software 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 Zijin Mining with a short position of ATOSS Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and ATOSS Software.
Diversification Opportunities for Zijin Mining and ATOSS Software
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zijin and ATOSS is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and ATOSS Software SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATOSS Software SE and Zijin Mining 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 Zijin Mining Group are associated (or correlated) with ATOSS Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATOSS Software SE has no effect on the direction of Zijin Mining i.e., Zijin Mining and ATOSS Software go up and down completely randomly.
Pair Corralation between Zijin Mining and ATOSS Software
Assuming the 90 days horizon Zijin Mining Group is expected to generate 1.57 times more return on investment than ATOSS Software. However, Zijin Mining is 1.57 times more volatile than ATOSS Software SE. It trades about 0.06 of its potential returns per unit of risk. ATOSS Software SE is currently generating about 0.02 per unit of risk. If you would invest 117.00 in Zijin Mining Group on September 12, 2024 and sell it today you would earn a total of 69.00 from holding Zijin Mining Group or generate 58.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. ATOSS Software SE
Performance |
| Timeline |
| Zijin Mining Group |
| ATOSS Software SE |
Zijin Mining and ATOSS Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and ATOSS Software
The main advantage of trading using opposite Zijin Mining and ATOSS Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, ATOSS Software 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 ATOSS Software will offset losses from the drop in ATOSS Software's long position.| Zijin Mining vs. BHP Group Limited | Zijin Mining vs. Vale SA | Zijin Mining vs. Superior Plus Corp | Zijin Mining vs. SIVERS SEMICONDUCTORS AB |
| ATOSS Software vs. Harmony Gold Mining | ATOSS Software vs. GRIFFIN MINING LTD | ATOSS Software vs. INFORMATION SVC GRP | ATOSS Software vs. Zijin Mining Group |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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