Correlation Between COL Digital and Shenzhen
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By analyzing existing cross correlation between COL Digital Publishing and Shenzhen AV Display Co, you can compare the effects of market volatilities on COL Digital and Shenzhen 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 Shenzhen. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Shenzhen.
Diversification Opportunities for COL Digital and Shenzhen
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between COL and Shenzhen is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Shenzhen AV Display Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen AV Display 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 Shenzhen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen AV Display has no effect on the direction of COL Digital i.e., COL Digital and Shenzhen go up and down completely randomly.
Pair Corralation between COL Digital and Shenzhen
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 1.16 times more return on investment than Shenzhen. However, COL Digital is 1.16 times more volatile than Shenzhen AV Display Co. It trades about 0.19 of its potential returns per unit of risk. Shenzhen AV Display Co is currently generating about 0.19 per unit of risk. If you would invest 2,259 in COL Digital Publishing on November 6, 2024 and sell it today you would earn a total of 186.00 from holding COL Digital Publishing or generate 8.23% 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. Shenzhen AV Display Co
Performance |
| Timeline |
| COL Digital Publishing |
| Shenzhen AV Display |
COL Digital and Shenzhen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Shenzhen
The main advantage of trading using opposite COL Digital and Shenzhen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Shenzhen 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 Shenzhen will offset losses from the drop in Shenzhen's long position.| COL Digital vs. Giantec Semiconductor Corp | COL Digital vs. Shannon Semiconductor Technology | COL Digital vs. Bsm Chemical Co | COL Digital vs. Xinxiang Chemical Fiber |
| Shenzhen vs. Pengxin International Mining | Shenzhen vs. Xiangyang Automobile Bearing | Shenzhen vs. Eastern Communications Co | Shenzhen vs. Guangdong Jingyi Metal |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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