Correlation Between 29670GAF9 and Zijin Mining
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By analyzing existing cross correlation between WTRG 24 01 MAY 31 and Zijin Mining Group, you can compare the effects of market volatilities on 29670GAF9 and Zijin 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 29670GAF9 with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of 29670GAF9 and Zijin Mining.
Diversification Opportunities for 29670GAF9 and Zijin Mining
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 29670GAF9 and Zijin is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding WTRG 24 01 MAY 31 and Zijin Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zijin Mining Group and 29670GAF9 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 WTRG 24 01 MAY 31 are associated (or correlated) with Zijin Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zijin Mining Group has no effect on the direction of 29670GAF9 i.e., 29670GAF9 and Zijin Mining go up and down completely randomly.
Pair Corralation between 29670GAF9 and Zijin Mining
Assuming the 90 days trading horizon WTRG 24 01 MAY 31 is expected to generate 0.24 times more return on investment than Zijin Mining. However, WTRG 24 01 MAY 31 is 4.14 times less risky than Zijin Mining. It trades about -0.24 of its potential returns per unit of risk. Zijin Mining Group is currently generating about -0.06 per unit of risk. If you would invest 8,770 in WTRG 24 01 MAY 31 on September 24, 2024 and sell it today you would lose (631.00) from holding WTRG 24 01 MAY 31 or give up 7.19% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 57.81% |
Values | Daily Returns |
WTRG 24 01 MAY 31 vs. Zijin Mining Group
Performance |
Timeline |
WTRG 24 01 |
Zijin Mining Group |
29670GAF9 and Zijin Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 29670GAF9 and Zijin Mining
The main advantage of trading using opposite 29670GAF9 and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 29670GAF9 position performs unexpectedly, Zijin 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 Zijin Mining will offset losses from the drop in Zijin Mining's long position.29670GAF9 vs. Zijin Mining Group | 29670GAF9 vs. Kinetik Holdings | 29670GAF9 vs. WEC Energy Group | 29670GAF9 vs. Barrick Gold Corp |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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