Correlation Between COL Digital and Zijin Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between COL Digital Publishing and Zijin Mining Group, you can compare the effects of market volatilities on COL Digital and Zijin Mining 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 Zijin Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and Zijin Mining.
Diversification Opportunities for COL Digital and Zijin Mining
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between COL and Zijin is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and Zijin Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zijin Mining 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 Zijin Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zijin Mining Group has no effect on the direction of COL Digital i.e., COL Digital and Zijin Mining go up and down completely randomly.
Pair Corralation between COL Digital and Zijin Mining
Assuming the 90 days trading horizon COL Digital Publishing is expected to under-perform the Zijin Mining. In addition to that, COL Digital is 1.85 times more volatile than Zijin Mining Group. It trades about -0.42 of its total potential returns per unit of risk. Zijin Mining Group is currently generating about 0.16 per unit of volatility. If you would invest 1,535 in Zijin Mining Group on October 15, 2024 and sell it today you would earn a total of 80.00 from holding Zijin Mining Group or generate 5.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. Zijin Mining Group
Performance |
| Timeline |
| COL Digital Publishing |
| Zijin Mining Group |
COL Digital and Zijin Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and Zijin Mining
The main advantage of trading using opposite COL Digital and Zijin Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, Zijin Mining 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 Zijin Mining will offset losses from the drop in Zijin Mining'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 |
| Zijin Mining vs. Wanhua Chemical Group | Zijin Mining vs. Baoshan Iron Steel | Zijin Mining vs. Shandong Gold Mining | Zijin Mining vs. Rongsheng Petrochemical 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Stocks Directory Find actively traded stocks across global markets | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |