Correlation Between Martin Marietta and Zijin Mining
Can any of the company-specific risk be diversified away by investing in both Martin Marietta and Zijin Mining 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 Martin Marietta and Zijin Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Martin Marietta Materials and Zijin Mining Group, you can compare the effects of market volatilities on Martin Marietta 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 Martin Marietta with a short position of Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Martin Marietta and Zijin Mining.
Diversification Opportunities for Martin Marietta and Zijin Mining
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Martin and Zijin is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Martin Marietta Materials 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 Martin Marietta 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 Martin Marietta Materials 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 Martin Marietta i.e., Martin Marietta and Zijin Mining go up and down completely randomly.
Pair Corralation between Martin Marietta and Zijin Mining
Considering the 90-day investment horizon Martin Marietta Materials is expected to under-perform the Zijin Mining. But the stock apears to be less risky and, when comparing its historical volatility, Martin Marietta Materials is 2.91 times less risky than Zijin Mining. The stock trades about -0.02 of its potential returns per unit of risk. The Zijin Mining Group is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 340.00 in Zijin Mining Group on September 4, 2025 and sell it today you would earn a total of 63.00 from holding Zijin Mining Group or generate 18.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Martin Marietta Materials vs. Zijin Mining Group
Performance |
| Timeline |
| Martin Marietta Materials |
| Zijin Mining Group |
Martin Marietta and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Martin Marietta and Zijin Mining
The main advantage of trading using opposite Martin Marietta and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Martin Marietta 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.| Martin Marietta vs. FDG Electric Vehicles | Martin Marietta vs. Evertz Technologies Limited | Martin Marietta vs. PARKSON Retail Group | Martin Marietta vs. Minerals Technologies |
| Zijin Mining vs. Newmont Goldcorp Corp | Zijin Mining vs. Agnico Eagle Mines | Zijin Mining vs. Wheaton Precious Metals | Zijin Mining vs. Zijin Mining Group |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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