Correlation Between COL Digital and Zhuzhou Kibing
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By analyzing existing cross correlation between COL Digital Publishing and Zhuzhou Kibing Group, you can compare the effects of market volatilities on COL Digital and Zhuzhou Kibing 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 Zhuzhou Kibing. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Zhuzhou Kibing.
Diversification Opportunities for COL Digital and Zhuzhou Kibing
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between COL and Zhuzhou is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Zhuzhou Kibing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Kibing Group 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 Zhuzhou Kibing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Kibing Group has no effect on the direction of COL Digital i.e., COL Digital and Zhuzhou Kibing go up and down completely randomly.
Pair Corralation between COL Digital and Zhuzhou Kibing
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 2.4 times more return on investment than Zhuzhou Kibing. However, COL Digital is 2.4 times more volatile than Zhuzhou Kibing Group. It trades about 0.07 of its potential returns per unit of risk. Zhuzhou Kibing Group is currently generating about -0.03 per unit of risk. If you would invest 1,409 in COL Digital Publishing on August 26, 2024 and sell it today you would earn a total of 1,374 from holding COL Digital Publishing or generate 97.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Zhuzhou Kibing Group
Performance |
| Timeline |
| COL Digital Publishing |
| Zhuzhou Kibing Group |
COL Digital and Zhuzhou Kibing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Zhuzhou Kibing
The main advantage of trading using opposite COL Digital and Zhuzhou Kibing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Zhuzhou Kibing 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 Zhuzhou Kibing will offset losses from the drop in Zhuzhou Kibing's long position.| COL Digital vs. Industrial and Commercial | COL Digital vs. Agricultural Bank of | COL Digital vs. China Construction Bank | COL Digital vs. Bank of China |
| Zhuzhou Kibing vs. Hubei Xingfa Chemicals | Zhuzhou Kibing vs. Semiconductor Manufacturing Electronics | Zhuzhou Kibing vs. Epoxy Base Electronic | Zhuzhou Kibing vs. Bomin 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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