Correlation Between Changjiang Publishing and COL Digital
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By analyzing existing cross correlation between Changjiang Publishing Media and COL Digital Publishing, you can compare the effects of market volatilities on Changjiang Publishing and COL Digital 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 Changjiang Publishing with a short position of COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and COL Digital.
Diversification Opportunities for Changjiang Publishing and COL Digital
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Changjiang and COL is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and COL Digital Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COL Digital Publishing and Changjiang Publishing 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 Changjiang Publishing Media are associated (or correlated) with COL Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COL Digital Publishing has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and COL Digital go up and down completely randomly.
Pair Corralation between Changjiang Publishing and COL Digital
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the COL Digital. But the stock apears to be less risky and, when comparing its historical volatility, Changjiang Publishing Media is 1.8 times less risky than COL Digital. The stock trades about -0.12 of its potential returns per unit of risk. The COL Digital Publishing is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,389 in COL Digital Publishing on November 3, 2024 and sell it today you would earn a total of 56.00 from holding COL Digital Publishing or generate 2.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. COL Digital Publishing
Performance |
| Timeline |
| Changjiang Publishing |
| COL Digital Publishing |
Changjiang Publishing and COL Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and COL Digital
The main advantage of trading using opposite Changjiang Publishing and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, COL Digital 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 COL Digital will offset losses from the drop in COL Digital's long position.| Changjiang Publishing vs. Yan Tai Shuang | Changjiang Publishing vs. Jiamei Food Packaging | Changjiang Publishing vs. JuneYao Dairy Co | Changjiang Publishing vs. Youyou Foods Co |
| COL Digital vs. Allmed Medical Products | COL Digital vs. Tinavi Medical Technologies | COL Digital vs. Dr Peng Telecom | COL Digital vs. Hangzhou Arcvideo Technology |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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