Correlation Between Zijin Mining and SuZhou ChunXing
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By analyzing existing cross correlation between Zijin Mining Group and SuZhou ChunXing Precision, you can compare the effects of market volatilities on Zijin Mining and SuZhou ChunXing 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 SuZhou ChunXing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and SuZhou ChunXing.
Diversification Opportunities for Zijin Mining and SuZhou ChunXing
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zijin and SuZhou is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and SuZhou ChunXing Precision in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SuZhou ChunXing Precision 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 SuZhou ChunXing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SuZhou ChunXing Precision has no effect on the direction of Zijin Mining i.e., Zijin Mining and SuZhou ChunXing go up and down completely randomly.
Pair Corralation between Zijin Mining and SuZhou ChunXing
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.29 times more return on investment than SuZhou ChunXing. However, Zijin Mining Group is 3.4 times less risky than SuZhou ChunXing. It trades about 0.0 of its potential returns per unit of risk. SuZhou ChunXing Precision is currently generating about 0.0 per unit of risk. If you would invest 1,555 in Zijin Mining Group on September 25, 2024 and sell it today you would lose (4.00) from holding Zijin Mining Group or give up 0.26% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.45% |
Values | Daily Returns |
Zijin Mining Group vs. SuZhou ChunXing Precision
Performance |
Timeline |
Zijin Mining Group |
SuZhou ChunXing Precision |
Zijin Mining and SuZhou ChunXing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zijin Mining and SuZhou ChunXing
The main advantage of trading using opposite Zijin Mining and SuZhou ChunXing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, SuZhou ChunXing 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 SuZhou ChunXing will offset losses from the drop in SuZhou ChunXing's long position.Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical Co |
SuZhou ChunXing vs. Wanhua Chemical Group | SuZhou ChunXing vs. Baoshan Iron Steel | SuZhou ChunXing vs. Shandong Gold Mining | SuZhou ChunXing vs. Rongsheng Petrochemical Co |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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