Correlation Between Zijin Mining and Yunnan Jianzhijia
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By analyzing existing cross correlation between Zijin Mining Group and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Zijin Mining and Yunnan Jianzhijia 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 Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Yunnan Jianzhijia.
Diversification Opportunities for Zijin Mining and Yunnan Jianzhijia
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zijin and Yunnan is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia 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 Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Zijin Mining i.e., Zijin Mining and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Zijin Mining and Yunnan Jianzhijia
Assuming the 90 days trading horizon Zijin Mining Group is expected to generate 0.62 times more return on investment than Yunnan Jianzhijia. However, Zijin Mining Group is 1.62 times less risky than Yunnan Jianzhijia. It trades about 0.07 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about -0.09 per unit of risk. If you would invest 1,621 in Zijin Mining Group on November 19, 2024 and sell it today you would earn a total of 95.00 from holding Zijin Mining Group or generate 5.86% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Zijin Mining Group vs. Yunnan Jianzhijia Health Chain
Performance |
Timeline |
Zijin Mining Group |
Yunnan Jianzhijia |
Zijin Mining and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zijin Mining and Yunnan Jianzhijia
The main advantage of trading using opposite Zijin Mining and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Yunnan Jianzhijia 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 Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia's long position.Zijin Mining vs. Northking Information Technology | ||
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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