Correlation Between Zijin Mining and Mascot Mines
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and Mascot Mines 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 Mascot Mines 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 Mascot Mines, you can compare the effects of market volatilities on Zijin Mining and Mascot Mines 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 Mascot Mines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Mascot Mines.
Diversification Opportunities for Zijin Mining and Mascot Mines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zijin and Mascot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Mascot Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mascot Mines 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 Mascot Mines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mascot Mines has no effect on the direction of Zijin Mining i.e., Zijin Mining and Mascot Mines go up and down completely randomly.
Pair Corralation between Zijin Mining and Mascot Mines
If you would invest 179.00 in Zijin Mining Group on September 12, 2024 and sell it today you would earn a total of 31.00 from holding Zijin Mining Group or generate 17.32% 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. Mascot Mines
Performance |
| Timeline |
| Zijin Mining Group |
| Mascot Mines |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Zijin Mining and Mascot Mines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Mascot Mines
The main advantage of trading using opposite Zijin Mining and Mascot Mines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Mascot Mines 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 Mascot Mines will offset losses from the drop in Mascot Mines' long position.| Zijin Mining vs. Torex Gold Resources | Zijin Mining vs. Wesdome Gold Mines | Zijin Mining vs. Northern Star Resources | Zijin Mining vs. Regis Resources |
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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