Correlation Between Zijin Mining and Brinker International
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and Brinker International 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 Brinker International 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 Brinker International, you can compare the effects of market volatilities on Zijin Mining and Brinker International 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 Brinker International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Brinker International.
Diversification Opportunities for Zijin Mining and Brinker International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zijin and Brinker is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Brinker International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brinker International 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 Brinker International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Brinker International has no effect on the direction of Zijin Mining i.e., Zijin Mining and Brinker International go up and down completely randomly.
Pair Corralation between Zijin Mining and Brinker International
If you would invest 171.00 in Zijin Mining Group on November 3, 2024 and sell it today you would earn a total of 13.00 from holding Zijin Mining Group or generate 7.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Brinker International
Performance |
| Timeline |
| Zijin Mining Group |
| Brinker International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Zijin Mining and Brinker International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Brinker International
The main advantage of trading using opposite Zijin Mining and Brinker International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Brinker International 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 Brinker International will offset losses from the drop in Brinker International's long position.| Zijin Mining vs. Ribbon Communications | Zijin Mining vs. WillScot Mobile Mini | Zijin Mining vs. FUYO GENERAL LEASE | Zijin Mining vs. SOCKET MOBILE NEW |
| Brinker International vs. Media and Games | Brinker International vs. HELIOS TECHS INC | Brinker International vs. VELA TECHNOLPLC LS 0001 | Brinker International vs. FORTRESS BIOTECHPRFA 25 |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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