Correlation Between COL Digital and Hunan TV
Specify exactly 2 symbols:
By analyzing existing cross correlation between COL Digital Publishing and Hunan TV Broadcast, you can compare the effects of market volatilities on COL Digital and Hunan TV 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 Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Hunan TV.
Diversification Opportunities for COL Digital and Hunan TV
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between COL and Hunan is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast 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 Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of COL Digital i.e., COL Digital and Hunan TV go up and down completely randomly.
Pair Corralation between COL Digital and Hunan TV
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 1.3 times more return on investment than Hunan TV. However, COL Digital is 1.3 times more volatile than Hunan TV Broadcast. It trades about 0.12 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.13 per unit of risk. If you would invest 1,614 in COL Digital Publishing on October 18, 2024 and sell it today you would earn a total of 884.00 from holding COL Digital Publishing or generate 54.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Hunan TV Broadcast
Performance |
| Timeline |
| COL Digital Publishing |
| Hunan TV Broadcast |
COL Digital and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Hunan TV
The main advantage of trading using opposite COL Digital and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| COL Digital vs. Eastern Communications Co | COL Digital vs. Nanxing Furniture Machinery | COL Digital vs. Wuhan Yangtze Communication | COL Digital vs. Dongfeng Automobile Co |
| Hunan TV vs. China Mobile Limited | Hunan TV vs. Vanfund Urban Investment | Hunan TV vs. Fibocom Wireless | Hunan TV vs. Wuhan Yangtze Communication |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |