Correlation Between Zijin Mining and CHEMICAL INDUSTRIES
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and CHEMICAL INDUSTRIES 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 Zijin Mining and CHEMICAL INDUSTRIES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Zijin Mining Group and CHEMICAL INDUSTRIES, you can compare the effects of market volatilities on Zijin Mining and CHEMICAL INDUSTRIES 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 CHEMICAL INDUSTRIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and CHEMICAL INDUSTRIES.
Diversification Opportunities for Zijin Mining and CHEMICAL INDUSTRIES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Zijin and CHEMICAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and CHEMICAL INDUSTRIES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CHEMICAL INDUSTRIES 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 CHEMICAL INDUSTRIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CHEMICAL INDUSTRIES has no effect on the direction of Zijin Mining i.e., Zijin Mining and CHEMICAL INDUSTRIES go up and down completely randomly.
Pair Corralation between Zijin Mining and CHEMICAL INDUSTRIES
If you would invest 299.00 in Zijin Mining Group on September 2, 2025 and sell it today you would earn a total of 37.00 from holding Zijin Mining Group or generate 12.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.46% |
| Values | Daily Returns |
Zijin Mining Group vs. CHEMICAL INDUSTRIES
Performance |
| Timeline |
| Zijin Mining Group |
| CHEMICAL INDUSTRIES |
Zijin Mining and CHEMICAL INDUSTRIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and CHEMICAL INDUSTRIES
The main advantage of trading using opposite Zijin Mining and CHEMICAL INDUSTRIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, CHEMICAL INDUSTRIES 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 CHEMICAL INDUSTRIES will offset losses from the drop in CHEMICAL INDUSTRIES's long position.| Zijin Mining vs. Taiwan Semiconductor Manufacturing | Zijin Mining vs. STRAYER EDUCATION | Zijin Mining vs. EEDUCATION ALBERT AB | Zijin Mining vs. Magnachip Semiconductor |
| CHEMICAL INDUSTRIES vs. Strong Petrochemical Holdings | CHEMICAL INDUSTRIES vs. Nissan Chemical Corp | CHEMICAL INDUSTRIES vs. Yunnan Water Investment | CHEMICAL INDUSTRIES vs. KINGBOARD CHEMICAL |
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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