Correlation Between 83001AAC6 and Zijin Mining
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By analyzing existing cross correlation between Six Flags Entertainment and Zijin Mining Group, you can compare the effects of market volatilities on 83001AAC6 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 83001AAC6 with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of 83001AAC6 and Zijin Mining.
Diversification Opportunities for 83001AAC6 and Zijin Mining
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 83001AAC6 and Zijin is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Six Flags Entertainment 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 83001AAC6 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 Six Flags Entertainment 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 83001AAC6 i.e., 83001AAC6 and Zijin Mining go up and down completely randomly.
Pair Corralation between 83001AAC6 and Zijin Mining
Assuming the 90 days trading horizon Six Flags Entertainment is expected to generate 0.06 times more return on investment than Zijin Mining. However, Six Flags Entertainment is 17.81 times less risky than Zijin Mining. It trades about -0.01 of its potential returns per unit of risk. Zijin Mining Group is currently generating about -0.05 per unit of risk. If you would invest 9,935 in Six Flags Entertainment on September 25, 2024 and sell it today you would lose (11.00) from holding Six Flags Entertainment or give up 0.11% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 93.65% |
Values | Daily Returns |
Six Flags Entertainment vs. Zijin Mining Group
Performance |
Timeline |
Six Flags Entertainment |
Zijin Mining Group |
83001AAC6 and Zijin Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 83001AAC6 and Zijin Mining
The main advantage of trading using opposite 83001AAC6 and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 83001AAC6 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.83001AAC6 vs. Visteon Corp | 83001AAC6 vs. Cars Inc | 83001AAC6 vs. Aerofoam Metals | 83001AAC6 vs. Sandstorm Gold Ltd |
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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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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