Correlation Between Zijin Mining and Anhui Transport
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By analyzing existing cross correlation between Zijin Mining Group and Anhui Transport Consulting, you can compare the effects of market volatilities on Zijin Mining and Anhui Transport 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 Anhui Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Anhui Transport.
Diversification Opportunities for Zijin Mining and Anhui Transport
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zijin and Anhui is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons 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 Anhui Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Zijin Mining i.e., Zijin Mining and Anhui Transport go up and down completely randomly.
Pair Corralation between Zijin Mining and Anhui Transport
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 1.46 times more return on investment than Anhui Transport. However, Zijin Mining is 1.46 times more volatile than Anhui Transport Consulting. It trades about 0.16 of its potential returns per unit of risk. Anhui Transport Consulting is currently generating about 0.02 per unit of risk. If you would invest 1,552 in Zijin Mining Group on December 25, 2024 and sell it today you would earn a total of 253.00 from holding Zijin Mining Group or generate 16.3% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Zijin Mining Group vs. Anhui Transport Consulting
Performance |
Timeline |
Zijin Mining Group |
Anhui Transport Cons |
Zijin Mining and Anhui Transport Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zijin Mining and Anhui Transport
The main advantage of trading using opposite Zijin Mining and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Anhui Transport 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 Anhui Transport will offset losses from the drop in Anhui Transport's long position.Zijin Mining vs. Youngy Health Co | Zijin Mining vs. Meinian Onehealth Healthcare | Zijin Mining vs. Shenzhen Topway Video | Zijin Mining vs. Huaxia Eye Hospital |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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