Zijin Mining Correlations

ZIJMF Stock

USD 2.19 0.11 4.78%

The current 90-days correlation between Zijin Mining Group and Torex Gold Resources is 0.05 (i.e., Significant diversification). The correlation of Zijin Mining is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

The ability to find closely correlated positions to Zijin Mining could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Zijin Mining when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Zijin Mining - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Zijin Mining Group to buy it.

Moving together with Zijin Pink Sheet

0.85	NEM	Newmont Goldcorp Corp	Pair Corr
0.81	AEM	Agnico Eagle Mines	Pair Corr
0.7	ZIJMY	Zijin Mining Group	Pair Corr
0.8	WPM	Wheaton Precious Metals	Pair Corr
0.78	GOLD	Barrick Gold Corp	Pair Corr
0.85	AU	AngloGold Ashanti plc	Pair Corr
0.66	WM	Waste Management	Pair Corr
0.87	GTN	Gray Television	Pair Corr
0.64	GLU	Gabelli Global Utility	Pair Corr
0.74	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.62	JNJ	Johnson Johnson	Pair Corr
0.78	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr

Moving against Zijin Pink Sheet

0.66	DIS	Walt Disney	Pair Corr
0.6	MSFT	Microsoft	Pair Corr
0.47	HPQ	HP Inc	Pair Corr
0.43	AXP	American Express Sell-off Trend	Pair Corr
0.43	HD	Home Depot	Pair Corr
0.39	CAT	Caterpillar	Pair Corr
0.31	AA	Alcoa Corp	Pair Corr

Related Correlations Analysis

	TORXF	KRRGF	WDOFF	AAU	NESRF	RGRNF	WFRSF	DPMLF	MGMLF	DRD
TORXF		0.0	0.91	0.0	0.56	0.87	0.81	0.62	0.42	0.84	TORXF
KRRGF	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	KRRGF
WDOFF	0.91	0.0		0.0	0.61	0.86	0.87	0.69	0.33	0.92	WDOFF
AAU	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	AAU
NESRF	0.56	0.0	0.61	0.0		0.63	0.44	0.69	0.42	0.5	NESRF
RGRNF	0.87	0.0	0.86	0.0	0.63		0.75	0.58	0.37	0.8	RGRNF
WFRSF	0.81	0.0	0.87	0.0	0.44	0.75		0.61	0.09	0.91	WFRSF
DPMLF	0.62	0.0	0.69	0.0	0.69	0.58	0.61		0.2	0.72	DPMLF
MGMLF	0.42	0.0	0.33	0.0	0.42	0.37	0.09	0.2		0.09	MGMLF
DRD	0.84	0.0	0.92	0.0	0.5	0.8	0.91	0.72	0.09		DRD
	TORXF	KRRGF	WDOFF	AAU	NESRF	RGRNF	WFRSF	DPMLF	MGMLF	DRD

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

DRD	+ 0.92	WDOFF
WDOFF	+ 0.91	TORXF
DRD	+ 0.91	WFRSF
RGRNF	+ 0.87	TORXF
WFRSF	+ 0.87	WDOFF
RGRNF	+ 0.86	WDOFF

High negative correlations

DRD	- 0.0	AAU
MGMLF	- 0.0	AAU
DPMLF	- 0.0	AAU
WFRSF	- 0.0	AAU
RGRNF	- 0.0	AAU
NESRF	- 0.0	AAU

Risk-Adjusted Indicators

There is a big difference between Zijin Pink Sheet performing well and Zijin Mining Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Zijin Mining's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TORXF	2.15	0.51	0.22	0.74	2.05	(2.44)	5.39	(4.30)	11.95
KRRGF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
WDOFF	1.80	0.29	0.12	0.40	2.26	(1.81)	3.79	(4.00)	10.27
AAU	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NESRF	1.99	0.42	0.09	0.44	2.94	(2.75)	5.27	(5.42)	21.03
RGRNF	3.31	0.67	0.09	0.82	3.70	(7.06)	10.45	(7.83)	35.42
WFRSF	2.39	0.47	0.08	19.05	2.75	(6.12)	8.40	(5.21)	23.91
DPMLF	1.30	0.57	0.41	(5.82)	0.96	(1.53)	3.06	(2.08)	8.00
MGMLF	5.19	0.37	0.05	1.47	6.20	(6.23)	12.50	(10.00)	35.71
DRD	2.68	0.68	0.27	(1.96)	2.31	(3.10)	7.64	(4.90)	15.23

Be your own money manager

Our tools can tell you how much better you can do entering a position in Zijin Mining without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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