Correlation Between COL Digital and AUPU Home
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By analyzing existing cross correlation between COL Digital Publishing and AUPU Home Style, you can compare the effects of market volatilities on COL Digital and AUPU Home 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 AUPU Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of COL Digital and AUPU Home.
Diversification Opportunities for COL Digital and AUPU Home
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between COL and AUPU is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding COL Digital Publishing and AUPU Home Style in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AUPU Home Style 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 AUPU Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AUPU Home Style has no effect on the direction of COL Digital i.e., COL Digital and AUPU Home go up and down completely randomly.
Pair Corralation between COL Digital and AUPU Home
Assuming the 90 days trading horizon COL Digital Publishing is expected to generate 1.45 times more return on investment than AUPU Home. However, COL Digital is 1.45 times more volatile than AUPU Home Style. It trades about -0.04 of its potential returns per unit of risk. AUPU Home Style is currently generating about -0.08 per unit of risk. If you would invest 2,585 in COL Digital Publishing on October 28, 2024 and sell it today you would lose (96.00) from holding COL Digital Publishing or give up 3.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
COL Digital Publishing vs. AUPU Home Style
Performance |
| Timeline |
| COL Digital Publishing |
| AUPU Home Style |
COL Digital and AUPU Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COL Digital and AUPU Home
The main advantage of trading using opposite COL Digital and AUPU Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COL Digital position performs unexpectedly, AUPU Home 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 AUPU Home will offset losses from the drop in AUPU Home's long position.| COL Digital vs. CITIC Metal Co | COL Digital vs. China Aluminum International | COL Digital vs. Shanghai Yanpu Metal | COL Digital vs. Aluminum Corp of |
| AUPU Home vs. Zoje Resources Investment | AUPU Home vs. Tieling Newcity Investment | AUPU Home vs. Zhejiang Construction Investment | AUPU Home vs. Wuhan Hvsen Biotechnology |
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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