Correlation Between ZKB Gold and ZKB GOLD
Can any of the company-specific risk be diversified away by investing in both ZKB Gold and ZKB GOLD 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 ZKB Gold and ZKB GOLD into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ZKB Gold ETF and ZKB GOLD ETF, you can compare the effects of market volatilities on ZKB Gold and ZKB GOLD 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 ZKB Gold with a short position of ZKB GOLD. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZKB Gold and ZKB GOLD.
Diversification Opportunities for ZKB Gold and ZKB GOLD
Pay attention - limited upside
The 3 months correlation between ZKB and ZKB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ZKB Gold ETF and ZKB GOLD ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZKB GOLD ETF and ZKB Gold 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 ZKB Gold ETF are associated (or correlated) with ZKB GOLD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZKB GOLD ETF has no effect on the direction of ZKB Gold i.e., ZKB Gold and ZKB GOLD go up and down completely randomly.
Pair Corralation between ZKB Gold and ZKB GOLD
If you would invest 243,300 in ZKB Gold ETF on September 13, 2024 and sell it today you would earn a total of 11,100 from holding ZKB Gold ETF or generate 4.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ZKB Gold ETF vs. ZKB GOLD ETF
Performance |
| Timeline |
| ZKB Gold ETF |
| ZKB GOLD ETF |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ZKB Gold and ZKB GOLD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ZKB Gold and ZKB GOLD
The main advantage of trading using opposite ZKB Gold and ZKB GOLD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZKB Gold position performs unexpectedly, ZKB GOLD 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 ZKB GOLD will offset losses from the drop in ZKB GOLD's long position.| ZKB Gold vs. ZKB Silver ETF | ZKB Gold vs. ZKB Gold ETF | ZKB Gold vs. ZKB Gold ETF | ZKB Gold vs. ZKB Platinum ETF |
| ZKB GOLD vs. ZKB Silver ETF | ZKB GOLD vs. ZKB Gold ETF | ZKB GOLD vs. ZKB Gold ETF | ZKB GOLD vs. ZKB Platinum ETF |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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