Correlation Between Zijin Mining and 87265HAG4
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By analyzing existing cross correlation between Zijin Mining Group and TRI Pointe Group, you can compare the effects of market volatilities on Zijin Mining and 87265HAG4 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 87265HAG4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and 87265HAG4.
Diversification Opportunities for Zijin Mining and 87265HAG4
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zijin and 87265HAG4 is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and TRI Pointe Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRI Pointe Group 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 87265HAG4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRI Pointe Group has no effect on the direction of Zijin Mining i.e., Zijin Mining and 87265HAG4 go up and down completely randomly.
Pair Corralation between Zijin Mining and 87265HAG4
Assuming the 90 days horizon Zijin Mining Group is expected to generate 10.27 times more return on investment than 87265HAG4. However, Zijin Mining is 10.27 times more volatile than TRI Pointe Group. It trades about 0.06 of its potential returns per unit of risk. TRI Pointe Group is currently generating about 0.01 per unit of risk. If you would invest 104.00 in Zijin Mining Group on August 31, 2024 and sell it today you would earn a total of 79.00 from holding Zijin Mining Group or generate 75.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 96.42% |
| Values | Daily Returns |
Zijin Mining Group vs. TRI Pointe Group
Performance |
| Timeline |
| Zijin Mining Group |
| TRI Pointe Group |
Zijin Mining and 87265HAG4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and 87265HAG4
The main advantage of trading using opposite Zijin Mining and 87265HAG4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, 87265HAG4 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 87265HAG4 will offset losses from the drop in 87265HAG4'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 |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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