Correlation Between Zijin Mining and Space-Communication
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and Space-Communication 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 Space-Communication 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 Space Communication, you can compare the effects of market volatilities on Zijin Mining and Space-Communication 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 Space-Communication. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Space-Communication.
Diversification Opportunities for Zijin Mining and Space-Communication
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zijin and Space-Communication is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Space Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Space Communication 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 Space-Communication. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Space Communication has no effect on the direction of Zijin Mining i.e., Zijin Mining and Space-Communication go up and down completely randomly.
Pair Corralation between Zijin Mining and Space-Communication
If you would invest 183.00 in Zijin Mining Group on November 26, 2024 and sell it today you would earn a total of 20.00 from holding Zijin Mining Group or generate 10.93% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 89.06% |
Values | Daily Returns |
Zijin Mining Group vs. Space Communication
Performance |
Timeline |
Zijin Mining Group |
Space Communication |
Zijin Mining and Space-Communication Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zijin Mining and Space-Communication
The main advantage of trading using opposite Zijin Mining and Space-Communication positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Space-Communication 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 Space-Communication will offset losses from the drop in Space-Communication's long position.Zijin Mining vs. Torex Gold 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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