Correlation Between COL Digital and Shandong Publishing
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By analyzing existing cross correlation between COL Digital Publishing and Shandong Publishing Media, you can compare the effects of market volatilities on COL Digital and Shandong 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Shandong Publishing.
Diversification Opportunities for COL Digital and Shandong Publishing
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between COL and Shandong is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of COL Digital i.e., COL Digital and Shandong Publishing go up and down completely randomly.
Pair Corralation between COL Digital and Shandong Publishing
Assuming the 90 days trading horizon COL Digital Publishing is expected to under-perform the Shandong Publishing. In addition to that, COL Digital is 1.36 times more volatile than Shandong Publishing Media. It trades about -0.42 of its total potential returns per unit of risk. Shandong Publishing Media is currently generating about -0.27 per unit of volatility. If you would invest 1,149 in Shandong Publishing Media on October 15, 2024 and sell it today you would lose (139.00) from holding Shandong Publishing Media or give up 12.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Shandong Publishing Media
Performance |
| Timeline |
| COL Digital Publishing |
| Shandong Publishing Media |
COL Digital and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Shandong Publishing
The main advantage of trading using opposite COL Digital and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Shandong 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 Shandong Publishing will offset losses from the drop in Shandong Publishing'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 |
| Shandong Publishing vs. Sinomach Automobile Co | Shandong Publishing vs. Haima Automobile Group | Shandong Publishing vs. Longxing Chemical Stock | Shandong Publishing vs. Xinxiang Chemical Fiber |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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