Correlation Between COL Digital and 5I5j Holding
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By analyzing existing cross correlation between COL Digital Publishing and 5I5j Holding Group, you can compare the effects of market volatilities on COL Digital and 5I5j Holding 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 COL Digital with a short position of 5I5j Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and 5I5j Holding.
Diversification Opportunities for COL Digital and 5I5j Holding
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between COL and 5I5j is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and 5I5j Holding Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 5I5j Holding Group and COL Digital 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 COL Digital Publishing are associated (or correlated) with 5I5j Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 5I5j Holding Group has no effect on the direction of COL Digital i.e., COL Digital and 5I5j Holding go up and down completely randomly.
Pair Corralation between COL Digital and 5I5j Holding
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 1.47 times more return on investment than 5I5j Holding. However, COL Digital is 1.47 times more volatile than 5I5j Holding Group. It trades about 0.06 of its potential returns per unit of risk. 5I5j Holding Group is currently generating about 0.03 per unit of risk. If you would invest 1,004 in COL Digital Publishing on September 26, 2024 and sell it today you would earn a total of 1,627 from holding COL Digital Publishing or generate 162.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. 5I5j Holding Group
Performance |
| Timeline |
| COL Digital Publishing |
| 5I5j Holding Group |
COL Digital and 5I5j Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and 5I5j Holding
The main advantage of trading using opposite COL Digital and 5I5j Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, 5I5j Holding 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 5I5j Holding will offset losses from the drop in 5I5j Holding's long position.| COL Digital vs. Shuhua Sports Co | COL Digital vs. Harbin Air Conditioning | COL Digital vs. Threes Company Media | COL Digital vs. Tonghua Grape Wine |
| 5I5j Holding vs. Aofu Environmental Technology | 5I5j Holding vs. Penyao Environmental Protection | 5I5j Holding vs. Eit Environmental Development | 5I5j Holding vs. BTG Hotels 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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