Correlation Between Zhongrun Resources and Flat Glass
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhongrun Resources Investment and Flat Glass Group, you can compare the effects of market volatilities on Zhongrun Resources and Flat Glass 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 Zhongrun Resources with a short position of Flat Glass. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhongrun Resources and Flat Glass.
Diversification Opportunities for Zhongrun Resources and Flat Glass
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Zhongrun and Flat is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Zhongrun Resources Investment and Flat Glass Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flat Glass Group and Zhongrun 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 Zhongrun Resources Investment are associated (or correlated) with Flat Glass. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flat Glass Group has no effect on the direction of Zhongrun Resources i.e., Zhongrun Resources and Flat Glass go up and down completely randomly.
Pair Corralation between Zhongrun Resources and Flat Glass
Assuming the 90 days trading horizon Zhongrun Resources Investment is expected to generate 1.07 times more return on investment than Flat Glass. However, Zhongrun Resources is 1.07 times more volatile than Flat Glass Group. It trades about 0.27 of its potential returns per unit of risk. Flat Glass Group is currently generating about 0.02 per unit of risk. If you would invest 106.00 in Zhongrun Resources Investment on September 25, 2024 and sell it today you would earn a total of 259.00 from holding Zhongrun Resources Investment or generate 244.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 99.17% |
Values | Daily Returns |
Zhongrun Resources Investment vs. Flat Glass Group
Performance |
Timeline |
Zhongrun Resources |
Flat Glass Group |
Zhongrun Resources and Flat Glass Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Zhongrun Resources and Flat Glass
The main advantage of trading using opposite Zhongrun Resources and Flat Glass positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhongrun Resources position performs unexpectedly, Flat Glass 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 Flat Glass will offset losses from the drop in Flat Glass' long position.Zhongrun Resources vs. PetroChina Co Ltd | Zhongrun Resources vs. China Mobile Limited | Zhongrun Resources vs. CNOOC Limited | Zhongrun Resources vs. Ping An Insurance |
Flat Glass vs. Zhejiang Construction Investment | Flat Glass vs. Kunwu Jiuding Investment | Flat Glass vs. Metro Investment Development | Flat Glass vs. Xiandai Investment Co |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |