Correlation Between Zijin Mining and SEAGATE
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By analyzing existing cross correlation between Zijin Mining Group and SEAGATE HDD CAYMAN, you can compare the effects of market volatilities on Zijin Mining and SEAGATE 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 SEAGATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and SEAGATE.
Diversification Opportunities for Zijin Mining and SEAGATE
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zijin and SEAGATE is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and SEAGATE HDD CAYMAN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SEAGATE HDD CAYMAN 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 SEAGATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SEAGATE HDD CAYMAN has no effect on the direction of Zijin Mining i.e., Zijin Mining and SEAGATE go up and down completely randomly.
Pair Corralation between Zijin Mining and SEAGATE
Assuming the 90 days horizon Zijin Mining Group is expected to generate 4.13 times more return on investment than SEAGATE. However, Zijin Mining is 4.13 times more volatile than SEAGATE HDD CAYMAN. It trades about 0.07 of its potential returns per unit of risk. SEAGATE HDD CAYMAN is currently generating about -0.02 per unit of risk. If you would invest 121.00 in Zijin Mining Group on September 4, 2024 and sell it today you would earn a total of 70.00 from holding Zijin Mining Group or generate 57.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 93.52% |
| Values | Daily Returns |
Zijin Mining Group vs. SEAGATE HDD CAYMAN
Performance |
| Timeline |
| Zijin Mining Group |
| SEAGATE HDD CAYMAN |
Zijin Mining and SEAGATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and SEAGATE
The main advantage of trading using opposite Zijin Mining and SEAGATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, SEAGATE 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 SEAGATE will offset losses from the drop in SEAGATE'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 |
| SEAGATE vs. RBC Bearings Incorporated | SEAGATE vs. Chart Industries | SEAGATE vs. CECO Environmental Corp | SEAGATE vs. Franklin Street Properties |
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 Stocks Directory module to find actively traded stocks across global markets.
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