Correlation Between COL Digital and Jiugui Liquor
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By analyzing existing cross correlation between COL Digital Publishing and Jiugui Liquor Co, you can compare the effects of market volatilities on COL Digital and Jiugui Liquor 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 Jiugui Liquor. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Jiugui Liquor.
Diversification Opportunities for COL Digital and Jiugui Liquor
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between COL and Jiugui is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Jiugui Liquor Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiugui Liquor 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 Jiugui Liquor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiugui Liquor has no effect on the direction of COL Digital i.e., COL Digital and Jiugui Liquor go up and down completely randomly.
Pair Corralation between COL Digital and Jiugui Liquor
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 1.53 times more return on investment than Jiugui Liquor. However, COL Digital is 1.53 times more volatile than Jiugui Liquor Co. It trades about 0.06 of its potential returns per unit of risk. Jiugui Liquor Co is currently generating about 0.02 per unit of risk. If you would invest 2,188 in COL Digital Publishing on August 25, 2024 and sell it today you would earn a total of 595.00 from holding COL Digital Publishing or generate 27.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Jiugui Liquor Co
Performance |
| Timeline |
| COL Digital Publishing |
| Jiugui Liquor |
COL Digital and Jiugui Liquor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Jiugui Liquor
The main advantage of trading using opposite COL Digital and Jiugui Liquor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Jiugui Liquor 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 Jiugui Liquor will offset losses from the drop in Jiugui Liquor's long position.| COL Digital vs. CICT Mobile Communication | COL Digital vs. Beijing Kaiwen Education | COL Digital vs. Sunwave Communications Co | COL Digital vs. Wuhan Yangtze Communication |
| Jiugui Liquor vs. Aluminum Corp of | Jiugui Liquor vs. COL Digital Publishing | Jiugui Liquor vs. Shaanxi Meineng Clean | Jiugui Liquor vs. Gansu Huangtai Wine marketing |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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