Correlation Between Jiangnan Mould and Great Sun
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By analyzing existing cross correlation between Jiangnan Mould Plastic and Great Sun Foods Co, you can compare the effects of market volatilities on Jiangnan Mould and Great Sun 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 Jiangnan Mould with a short position of Great Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Great Sun.
Diversification Opportunities for Jiangnan Mould and Great Sun
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangnan and Great is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Great Sun Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Great Sun Foods and Jiangnan Mould 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 Jiangnan Mould Plastic are associated (or correlated) with Great Sun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Great Sun Foods has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Great Sun go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Great Sun
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to generate 0.81 times more return on investment than Great Sun. However, Jiangnan Mould Plastic is 1.23 times less risky than Great Sun. It trades about 0.03 of its potential returns per unit of risk. Great Sun Foods Co is currently generating about 0.01 per unit of risk. If you would invest 511.00 in Jiangnan Mould Plastic on October 16, 2024 and sell it today you would earn a total of 152.00 from holding Jiangnan Mould Plastic or generate 29.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. Great Sun Foods Co
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Great Sun Foods |
Jiangnan Mould and Great Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Great Sun
The main advantage of trading using opposite Jiangnan Mould and Great Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Great Sun 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 Great Sun will offset losses from the drop in Great Sun's long position.| Jiangnan Mould vs. Tianjin Ruixin Technology | Jiangnan Mould vs. 360 Security Technology | Jiangnan Mould vs. Eyebright Medical Technology | Jiangnan Mould vs. China Eastern Airlines |
| Great Sun vs. CIMC Vehicles Co | Great Sun vs. Dongfeng Automobile Co | Great Sun vs. Bank of Communications | Great Sun vs. Guangzhou Haige Communications |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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