Correlation Between Xinhua Winshare and COL Digital
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By analyzing existing cross correlation between Xinhua Winshare Publishing and COL Digital Publishing, you can compare the effects of market volatilities on Xinhua Winshare 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 Xinhua Winshare with a short position of COL Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and COL Digital.
Diversification Opportunities for Xinhua Winshare and COL Digital
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xinhua and COL is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing 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 Xinhua Winshare 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 Xinhua Winshare Publishing 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 Xinhua Winshare i.e., Xinhua Winshare and COL Digital go up and down completely randomly.
Pair Corralation between Xinhua Winshare and COL Digital
Assuming the 90 days trading horizon Xinhua Winshare is expected to generate 72.05 times less return on investment than COL Digital. But when comparing it to its historical volatility, Xinhua Winshare Publishing is 2.55 times less risky than COL Digital. It trades about 0.0 of its potential returns per unit of risk. COL Digital Publishing is currently generating about 0.12 of returns per unit of risk over similar time horizon. 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 |
Xinhua Winshare Publishing vs. COL Digital Publishing
Performance |
Timeline |
Xinhua Winshare Publ |
COL Digital Publishing |
Xinhua Winshare and COL Digital Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinhua Winshare and COL Digital
The main advantage of trading using opposite Xinhua Winshare and COL Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare 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.Xinhua Winshare vs. Liaoning Dingjide Petrochemical | Xinhua Winshare vs. Jilin Chemical Fibre | Xinhua Winshare vs. Wuxi Chemical Equipment | Xinhua Winshare vs. Ningxia Younglight Chemicals |
COL Digital vs. Eastern Communications Co | COL Digital vs. Nanxing Furniture Machinery | COL Digital vs. Wuhan Yangtze Communication | COL Digital vs. Dongfeng Automobile 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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