Correlation Between Zijin Mining and ALTRIA
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By analyzing existing cross correlation between Zijin Mining Group and ALTRIA GROUP INC, you can compare the effects of market volatilities on Zijin Mining and ALTRIA 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 ALTRIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and ALTRIA.
Diversification Opportunities for Zijin Mining and ALTRIA
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Zijin and ALTRIA is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and ALTRIA GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALTRIA GROUP INC 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 ALTRIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALTRIA GROUP INC has no effect on the direction of Zijin Mining i.e., Zijin Mining and ALTRIA go up and down completely randomly.
Pair Corralation between Zijin Mining and ALTRIA
Assuming the 90 days horizon Zijin Mining Group is expected to generate 1.92 times more return on investment than ALTRIA. However, Zijin Mining is 1.92 times more volatile than ALTRIA GROUP INC. It trades about 0.0 of its potential returns per unit of risk. ALTRIA GROUP INC is currently generating about -0.08 per unit of risk. If you would invest 199.00 in Zijin Mining Group on September 3, 2024 and sell it today you would lose (8.00) from holding Zijin Mining Group or give up 4.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. ALTRIA GROUP INC
Performance |
| Timeline |
| Zijin Mining Group |
| ALTRIA GROUP INC |
Zijin Mining and ALTRIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and ALTRIA
The main advantage of trading using opposite Zijin Mining and ALTRIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, ALTRIA 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 ALTRIA will offset losses from the drop in ALTRIA's long position.| Zijin Mining vs. Harmony Gold Mining | Zijin Mining vs. SPACE | Zijin Mining vs. T Rowe Price | Zijin Mining vs. Ampleforth |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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