Correlation Between COL Digital and Runjian Communication
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By analyzing existing cross correlation between COL Digital Publishing and Runjian Communication Co, you can compare the effects of market volatilities on COL Digital and Runjian Communication 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 Runjian Communication. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Runjian Communication.
Diversification Opportunities for COL Digital and Runjian Communication
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between COL and Runjian is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Runjian Communication Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Runjian Communication 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 Runjian Communication. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Runjian Communication has no effect on the direction of COL Digital i.e., COL Digital and Runjian Communication go up and down completely randomly.
Pair Corralation between COL Digital and Runjian Communication
Assuming the 90 days trading horizon COL Digital Publishing is expected to under-perform the Runjian Communication. But the stock apears to be less risky and, when comparing its historical volatility, COL Digital Publishing is 1.26 times less risky than Runjian Communication. The stock trades about -0.42 of its potential returns per unit of risk. The Runjian Communication Co is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 3,183 in Runjian Communication Co on October 15, 2024 and sell it today you would lose (211.00) from holding Runjian Communication Co or give up 6.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Runjian Communication Co
Performance |
| Timeline |
| COL Digital Publishing |
| Runjian Communication |
COL Digital and Runjian Communication Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Runjian Communication
The main advantage of trading using opposite COL Digital and Runjian Communication positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Runjian Communication 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 Runjian Communication will offset losses from the drop in Runjian Communication's long position.| COL Digital vs. Keda Clean Energy | COL Digital vs. Great Sun Foods Co | COL Digital vs. Xizi Clean Energy | COL Digital vs. Qumei Furniture 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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