Correlation Between Zijin Mining and Evolution Mining
Can any of the company-specific risk be diversified away by investing in both Zijin Mining and Evolution 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 Zijin Mining and Evolution Mining 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 Evolution Mining, you can compare the effects of market volatilities on Zijin Mining and Evolution 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 Zijin Mining with a short position of Evolution Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zijin Mining and Evolution Mining.
Diversification Opportunities for Zijin Mining and Evolution Mining
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Zijin and Evolution is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Zijin Mining Group and Evolution Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evolution Mining 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 Evolution Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evolution Mining has no effect on the direction of Zijin Mining i.e., Zijin Mining and Evolution Mining go up and down completely randomly.
Pair Corralation between Zijin Mining and Evolution Mining
Assuming the 90 days horizon Zijin Mining is expected to generate 1.03 times less return on investment than Evolution Mining. But when comparing it to its historical volatility, Zijin Mining Group is 1.05 times less risky than Evolution Mining. It trades about 0.2 of its potential returns per unit of risk. Evolution Mining is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 472.00 in Evolution Mining on July 20, 2025 and sell it today you would earn a total of 248.00 from holding Evolution Mining or generate 52.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zijin Mining Group vs. Evolution Mining
Performance |
| Timeline |
| Zijin Mining Group |
| Evolution Mining |
Zijin Mining and Evolution Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zijin Mining and Evolution Mining
The main advantage of trading using opposite Zijin Mining and Evolution Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zijin Mining position performs unexpectedly, Evolution 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 Evolution Mining will offset losses from the drop in Evolution Mining's long position.| Zijin Mining vs. Air Liquide SA | Zijin Mining vs. LAir Liquide SA | Zijin Mining vs. Rio Tinto Group | Zijin Mining vs. BHP Group Limited |
| Evolution Mining vs. Lundin Gold | Evolution Mining vs. Harmony Gold Mining | Evolution Mining vs. Nippon Sanso Holdings | Evolution Mining vs. Ivanhoe Mines |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |