Correlation Between Glodon Software and COL Digital
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By analyzing existing cross correlation between Glodon Software Co and COL Digital Publishing, you can compare the effects of market volatilities on Glodon Software 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 Glodon Software with a short position of COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glodon Software and COL Digital.
Diversification Opportunities for Glodon Software and COL Digital
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Glodon and COL is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Glodon Software Co 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 Glodon Software 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 Glodon Software Co 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 Glodon Software i.e., Glodon Software and COL Digital go up and down completely randomly.
Pair Corralation between Glodon Software and COL Digital
Assuming the 90 days trading horizon Glodon Software Co is expected to under-perform the COL Digital. But the stock apears to be less risky and, when comparing its historical volatility, Glodon Software Co is 1.57 times less risky than COL Digital. The stock trades about 0.0 of its potential returns per unit of risk. The COL Digital Publishing is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 2,771 in COL Digital Publishing on September 5, 2024 and sell it today you would earn a total of 178.00 from holding COL Digital Publishing or generate 6.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Glodon Software Co vs. COL Digital Publishing
Performance |
| Timeline |
| Glodon Software |
| COL Digital Publishing |
Glodon Software and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glodon Software and COL Digital
The main advantage of trading using opposite Glodon Software and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glodon Software 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.| Glodon Software vs. BYD Co Ltd | Glodon Software vs. China Mobile Limited | Glodon Software vs. Agricultural Bank of | Glodon Software vs. Industrial and Commercial |
| COL Digital vs. Dareway Software Co | COL Digital vs. Advanced Technology Materials | COL Digital vs. Glodon Software Co | 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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