Correlation Between COL Digital and Xinhua Winshare
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By analyzing existing cross correlation between COL Digital Publishing and Xinhua Winshare Publishing, you can compare the effects of market volatilities on COL Digital and Xinhua Winshare 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 Xinhua Winshare. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Xinhua Winshare.
Diversification Opportunities for COL Digital and Xinhua Winshare
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between COL and Xinhua is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Xinhua Winshare Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinhua Winshare Publ 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 Xinhua Winshare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinhua Winshare Publ has no effect on the direction of COL Digital i.e., COL Digital and Xinhua Winshare go up and down completely randomly.
Pair Corralation between COL Digital and Xinhua Winshare
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 2.55 times more return on investment than Xinhua Winshare. However, COL Digital is 2.55 times more volatile than Xinhua Winshare Publishing. It trades about 0.12 of its potential returns per unit of risk. Xinhua Winshare Publishing is currently generating about 0.0 per unit of risk. If you would invest 1,614 in COL Digital Publishing on October 18, 2024 and sell it today you would earn a total of 884.00 from holding COL Digital Publishing or generate 54.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Xinhua Winshare Publishing
Performance |
| Timeline |
| COL Digital Publishing |
| Xinhua Winshare Publ |
COL Digital and Xinhua Winshare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Xinhua Winshare
The main advantage of trading using opposite COL Digital and Xinhua Winshare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Xinhua Winshare 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 Xinhua Winshare will offset losses from the drop in Xinhua Winshare's long position.| COL Digital vs. Eastern Communications Co | COL Digital vs. Nanxing Furniture Machinery | COL Digital vs. Wuhan Yangtze Communication | COL Digital vs. Dongfeng Automobile Co |
| Xinhua Winshare vs. Liaoning Dingjide Petrochemical | Xinhua Winshare vs. Jilin Chemical Fibre | Xinhua Winshare vs. Wuxi Chemical Equipment | Xinhua Winshare vs. Ningxia Younglight Chemicals |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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