Correlation Between Zijin Mining and Siam Makro
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and Siam Makro 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 Siam Makro 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 Siam Makro PCL, you can compare the effects of market volatilities on Zijin Mining and Siam Makro 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 Siam Makro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Siam Makro.
Diversification Opportunities for Zijin Mining and Siam Makro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zijin and Siam is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Siam Makro PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siam Makro PCL 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 Siam Makro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siam Makro PCL has no effect on the direction of Zijin Mining i.e., Zijin Mining and Siam Makro go up and down completely randomly.
Pair Corralation between Zijin Mining and Siam Makro
If you would invest 197.00 in Zijin Mining Group on September 14, 2024 and sell it today you would earn a total of 3.00 from holding Zijin Mining Group or generate 1.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Zijin Mining Group vs. Siam Makro PCL
Performance |
| Timeline |
| Zijin Mining Group |
| Siam Makro PCL |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Zijin Mining and Siam Makro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Siam Makro
The main advantage of trading using opposite Zijin Mining and Siam Makro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Siam Makro 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 Siam Makro will offset losses from the drop in Siam Makro's 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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