Correlation Between Zoje Resources and Postal Savings
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By analyzing existing cross correlation between Zoje Resources Investment and Postal Savings Bank, you can compare the effects of market volatilities on Zoje Resources and Postal Savings 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 Zoje Resources with a short position of Postal Savings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoje Resources and Postal Savings.
Diversification Opportunities for Zoje Resources and Postal Savings
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zoje and Postal is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Zoje Resources Investment and Postal Savings Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Postal Savings Bank and Zoje Resources 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 Zoje Resources Investment are associated (or correlated) with Postal Savings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Postal Savings Bank has no effect on the direction of Zoje Resources i.e., Zoje Resources and Postal Savings go up and down completely randomly.
Pair Corralation between Zoje Resources and Postal Savings
Assuming the 90 days trading horizon Zoje Resources Investment is expected to generate 3.44 times more return on investment than Postal Savings. However, Zoje Resources is 3.44 times more volatile than Postal Savings Bank. It trades about 0.16 of its potential returns per unit of risk. Postal Savings Bank is currently generating about 0.26 per unit of risk. If you would invest 239.00 in Zoje Resources Investment on September 26, 2024 and sell it today you would earn a total of 34.00 from holding Zoje Resources Investment or generate 14.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Zoje Resources Investment vs. Postal Savings Bank
Performance |
Timeline |
Zoje Resources Investment |
Postal Savings Bank |
Zoje Resources and Postal Savings Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zoje Resources and Postal Savings
The main advantage of trading using opposite Zoje Resources and Postal Savings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoje Resources position performs unexpectedly, Postal Savings 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 Postal Savings will offset losses from the drop in Postal Savings' long position.Zoje Resources vs. Bank of China | Zoje Resources vs. Kweichow Moutai Co | Zoje Resources vs. PetroChina Co Ltd | Zoje Resources vs. Bank of Communications |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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