Correlation Between CITIC Resources and Fireweed Zinc
Can any of the company-specific risk be diversified away by investing in both CITIC Resources and Fireweed Zinc at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CITIC Resources and Fireweed Zinc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CITIC Resources Holdings and Fireweed Zinc, you can compare the effects of market volatilities on CITIC Resources and Fireweed Zinc 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 CITIC Resources with a short position of Fireweed Zinc. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Resources and Fireweed Zinc.
Diversification Opportunities for CITIC Resources and Fireweed Zinc
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CITIC and Fireweed is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Resources Holdings and Fireweed Zinc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fireweed Zinc and CITIC 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 CITIC Resources Holdings are associated (or correlated) with Fireweed Zinc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fireweed Zinc has no effect on the direction of CITIC Resources i.e., CITIC Resources and Fireweed Zinc go up and down completely randomly.
Pair Corralation between CITIC Resources and Fireweed Zinc
If you would invest 150.00 in Fireweed Zinc on August 19, 2025 and sell it today you would earn a total of 51.00 from holding Fireweed Zinc or generate 34.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CITIC Resources Holdings vs. Fireweed Zinc
Performance |
| Timeline |
| CITIC Resources Holdings |
Risk-Adjusted Performance
Weakest
Weak | Strong |
| Fireweed Zinc |
CITIC Resources and Fireweed Zinc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIC Resources and Fireweed Zinc
The main advantage of trading using opposite CITIC Resources and Fireweed Zinc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Resources position performs unexpectedly, Fireweed Zinc 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 Fireweed Zinc will offset losses from the drop in Fireweed Zinc's long position.| CITIC Resources vs. Macmahon Holdings Limited | CITIC Resources vs. China Rare Earth | CITIC Resources vs. Camrova Resources | CITIC Resources vs. Major Drilling Group |
| Fireweed Zinc vs. Arafura Resources | Fireweed Zinc vs. Troilus Gold Corp | Fireweed Zinc vs. Prime Mining Corp | Fireweed Zinc vs. Sayona Mining Limited |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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