Correlation Between Beijing Bewinner and COL Digital
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By analyzing existing cross correlation between Beijing Bewinner Communications and COL Digital Publishing, you can compare the effects of market volatilities on Beijing Bewinner and COL Digital 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 Beijing Bewinner with a short position of COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and COL Digital.
Diversification Opportunities for Beijing Bewinner and COL Digital
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Beijing and COL is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and COL Digital Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COL Digital Publishing and Beijing Bewinner 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 Beijing Bewinner Communications are associated (or correlated) with COL Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COL Digital Publishing has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and COL Digital go up and down completely randomly.
Pair Corralation between Beijing Bewinner and COL Digital
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 0.81 times more return on investment than COL Digital. However, Beijing Bewinner Communications is 1.24 times less risky than COL Digital. It trades about 0.03 of its potential returns per unit of risk. COL Digital Publishing is currently generating about 0.02 per unit of risk. If you would invest 609.00 in Beijing Bewinner Communications on October 30, 2024 and sell it today you would earn a total of 56.00 from holding Beijing Bewinner Communications or generate 9.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. COL Digital Publishing
Performance |
| Timeline |
| Beijing Bewinner Com |
| COL Digital Publishing |
Beijing Bewinner and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and COL Digital
The main advantage of trading using opposite Beijing Bewinner and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, COL Digital 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 COL Digital will offset losses from the drop in COL Digital's long position.| Beijing Bewinner vs. Bosera CMSK Industrial | Beijing Bewinner vs. Western Metal Materials | Beijing Bewinner vs. Pengxin International Mining | Beijing Bewinner vs. Jiangsu Jinling Sports |
| COL Digital vs. China World Trade | COL Digital vs. Jointo Energy Investment | COL Digital vs. Chengdu Xingrong Investment | COL Digital vs. Linewell Software 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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