Correlation Between Zijin Mining and 00751YAG1
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By analyzing existing cross correlation between Zijin Mining Group and AAP 35 15 MAR 32, you can compare the effects of market volatilities on Zijin Mining and 00751YAG1 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 00751YAG1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and 00751YAG1.
Diversification Opportunities for Zijin Mining and 00751YAG1
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zijin and 00751YAG1 is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and AAP 35 15 MAR 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AAP 35 15 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 00751YAG1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AAP 35 15 has no effect on the direction of Zijin Mining i.e., Zijin Mining and 00751YAG1 go up and down completely randomly.
Pair Corralation between Zijin Mining and 00751YAG1
Assuming the 90 days horizon Zijin Mining Group is expected to generate 3.92 times more return on investment than 00751YAG1. However, Zijin Mining is 3.92 times more volatile than AAP 35 15 MAR 32. It trades about 0.06 of its potential returns per unit of risk. AAP 35 15 MAR 32 is currently generating about -0.02 per unit of risk. If you would invest 129.00 in Zijin Mining Group on September 12, 2024 and sell it today you would earn a total of 81.00 from holding Zijin Mining Group or generate 62.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.8% |
| Values | Daily Returns |
Zijin Mining Group vs. AAP 35 15 MAR 32
Performance |
| Timeline |
| Zijin Mining Group |
| AAP 35 15 |
Zijin Mining and 00751YAG1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and 00751YAG1
The main advantage of trading using opposite Zijin Mining and 00751YAG1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, 00751YAG1 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 00751YAG1 will offset losses from the drop in 00751YAG1'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 |
| 00751YAG1 vs. Sphere Entertainment Co | 00751YAG1 vs. Zijin Mining Group | 00751YAG1 vs. Chester Mining | 00751YAG1 vs. Uranium Energy Corp |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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