Correlation Between COL Digital and Anhui Gujing
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By analyzing existing cross correlation between COL Digital Publishing and Anhui Gujing Distillery, you can compare the effects of market volatilities on COL Digital and Anhui Gujing 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 Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Anhui Gujing.
Diversification Opportunities for COL Digital and Anhui Gujing
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between COL and Anhui is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery 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 Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of COL Digital i.e., COL Digital and Anhui Gujing go up and down completely randomly.
Pair Corralation between COL Digital and Anhui Gujing
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 1.56 times more return on investment than Anhui Gujing. However, COL Digital is 1.56 times more volatile than Anhui Gujing Distillery. It trades about 0.18 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about 0.09 per unit of risk. If you would invest 1,703 in COL Digital Publishing on August 28, 2024 and sell it today you would earn a total of 1,168 from holding COL Digital Publishing or generate 68.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Anhui Gujing Distillery
Performance |
| Timeline |
| COL Digital Publishing |
| Anhui Gujing Distillery |
COL Digital and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Anhui Gujing
The main advantage of trading using opposite COL Digital and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| COL Digital vs. Jointo Energy Investment | COL Digital vs. Hubei Geoway Investment | COL Digital vs. Harbin Hatou Investment | COL Digital vs. Harvest Fund Management |
| Anhui Gujing vs. BYD Co Ltd | Anhui Gujing vs. China Mobile Limited | Anhui Gujing vs. Agricultural Bank of | Anhui Gujing vs. Industrial and Commercial |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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