Correlation Between COL Digital and Changjiang Publishing
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By analyzing existing cross correlation between COL Digital Publishing and Changjiang Publishing Media, you can compare the effects of market volatilities on COL Digital and Changjiang Publishing 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 Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Changjiang Publishing.
Diversification Opportunities for COL Digital and Changjiang Publishing
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between COL and Changjiang is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing 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 Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of COL Digital i.e., COL Digital and Changjiang Publishing go up and down completely randomly.
Pair Corralation between COL Digital and Changjiang Publishing
Assuming the 90 days trading horizon COL Digital Publishing is expected to under-perform the Changjiang Publishing. In addition to that, COL Digital is 1.64 times more volatile than Changjiang Publishing Media. It trades about -0.09 of its total potential returns per unit of risk. Changjiang Publishing Media is currently generating about -0.08 per unit of volatility. If you would invest 895.00 in Changjiang Publishing Media on October 23, 2024 and sell it today you would lose (29.00) from holding Changjiang Publishing Media or give up 3.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
COL Digital Publishing vs. Changjiang Publishing Media
Performance |
| Timeline |
| COL Digital Publishing |
| Changjiang Publishing |
COL Digital and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Changjiang Publishing
The main advantage of trading using opposite COL Digital and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| COL Digital vs. Gan Yuan Foods | COL Digital vs. Gem Year Industrial Co | COL Digital vs. Guangdong Jingyi Metal | COL Digital vs. China Minmetals Rare |
| Changjiang Publishing vs. AUPU Home Style | Changjiang Publishing vs. Shandong Homey Aquatic | Changjiang Publishing vs. Nanjing OLO Home | Changjiang Publishing vs. Techshine Electronics Co |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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