Correlation Between Zijin Mining and 06051GFS3
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By analyzing existing cross correlation between Zijin Mining Group and BANK AMER P, you can compare the effects of market volatilities on Zijin Mining and 06051GFS3 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 06051GFS3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and 06051GFS3.
Diversification Opportunities for Zijin Mining and 06051GFS3
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zijin and 06051GFS3 is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and BANK AMER P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK AMER P 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 06051GFS3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK AMER P has no effect on the direction of Zijin Mining i.e., Zijin Mining and 06051GFS3 go up and down completely randomly.
Pair Corralation between Zijin Mining and 06051GFS3
Assuming the 90 days horizon Zijin Mining Group is expected to under-perform the 06051GFS3. In addition to that, Zijin Mining is 13.94 times more volatile than BANK AMER P. It trades about -0.17 of its total potential returns per unit of risk. BANK AMER P is currently generating about -0.2 per unit of volatility. If you would invest 9,962 in BANK AMER P on September 2, 2024 and sell it today you would lose (100.00) from holding BANK AMER P or give up 1.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Zijin Mining Group vs. BANK AMER P
Performance |
| Timeline |
| Zijin Mining Group |
| BANK AMER P |
Zijin Mining and 06051GFS3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and 06051GFS3
The main advantage of trading using opposite Zijin Mining and 06051GFS3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, 06051GFS3 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 06051GFS3 will offset losses from the drop in 06051GFS3'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 |
| 06051GFS3 vs. Hertz Global Holdings | 06051GFS3 vs. Summit Materials | 06051GFS3 vs. Delta Air Lines | 06051GFS3 vs. Zijin Mining Group |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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