Correlation Between Unisplendour Corp and Great Sun
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By analyzing existing cross correlation between Unisplendour Corp and Great Sun Foods Co, you can compare the effects of market volatilities on Unisplendour Corp 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 Unisplendour Corp with a short position of Great Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Great Sun.
Diversification Opportunities for Unisplendour Corp and Great Sun
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Unisplendour and Great is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp 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 Unisplendour Corp 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 Unisplendour Corp 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 Unisplendour Corp i.e., Unisplendour Corp and Great Sun go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Great Sun
Assuming the 90 days trading horizon Unisplendour Corp is expected to generate 0.91 times more return on investment than Great Sun. However, Unisplendour Corp is 1.1 times less risky than Great Sun. It trades about 0.02 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 2,323 in Unisplendour Corp on October 14, 2024 and sell it today you would earn a total of 145.00 from holding Unisplendour Corp or generate 6.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. Great Sun Foods Co
Performance |
| Timeline |
| Unisplendour Corp |
| Great Sun Foods |
Unisplendour Corp and Great Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Great Sun
The main advantage of trading using opposite Unisplendour Corp and Great Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp 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.| Unisplendour Corp vs. Yili Chuanning Biotechnology | Unisplendour Corp vs. Maccura Biotechnology Co | Unisplendour Corp vs. Changchun BCHT Biotechnology | Unisplendour Corp vs. Chinese Universe Publishing |
| Great Sun vs. Jiangsu Financial Leasing | Great Sun vs. Unisplendour Corp | Great Sun vs. Zoje Resources Investment | Great Sun vs. GRG Banking Equipment |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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