Correlation Between Zijin Mining and Mangazeya Mining
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and Mangazeya Mining at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Zijin Mining and Mangazeya Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Zijin Mining Group and Mangazeya Mining, you can compare the effects of market volatilities on Zijin Mining and Mangazeya Mining 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 Mangazeya Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Mangazeya Mining.
Diversification Opportunities for Zijin Mining and Mangazeya Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zijin and Mangazeya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Mangazeya Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mangazeya Mining 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 Mangazeya Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mangazeya Mining has no effect on the direction of Zijin Mining i.e., Zijin Mining and Mangazeya Mining go up and down completely randomly.
Pair Corralation between Zijin Mining and Mangazeya Mining
If you would invest 0.00 in Mangazeya Mining on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Mangazeya Mining or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
Zijin Mining Group vs. Mangazeya Mining
Performance |
| Timeline |
| Zijin Mining Group |
| Mangazeya Mining |
Zijin Mining and Mangazeya Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Mangazeya Mining
The main advantage of trading using opposite Zijin Mining and Mangazeya Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Mangazeya Mining 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 Mangazeya Mining will offset losses from the drop in Mangazeya Mining'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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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