Correlation Between Jiajia Food and Great Sun
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By analyzing existing cross correlation between Jiajia Food Group and Great Sun Foods Co, you can compare the effects of market volatilities on Jiajia Food 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 Jiajia Food with a short position of Great Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Great Sun.
Diversification Opportunities for Jiajia Food and Great Sun
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiajia and Great is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group 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 Jiajia Food 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 Jiajia Food Group 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 Jiajia Food i.e., Jiajia Food and Great Sun go up and down completely randomly.
Pair Corralation between Jiajia Food and Great Sun
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 1.03 times more return on investment than Great Sun. However, Jiajia Food is 1.03 times more volatile than Great Sun Foods Co. It trades about 0.3 of its potential returns per unit of risk. Great Sun Foods Co is currently generating about -0.04 per unit of risk. If you would invest 354.00 in Jiajia Food Group on September 1, 2024 and sell it today you would earn a total of 111.00 from holding Jiajia Food Group or generate 31.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiajia Food Group vs. Great Sun Foods Co
Performance |
| Timeline |
| Jiajia Food Group |
| Great Sun Foods |
Jiajia Food and Great Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Great Sun
The main advantage of trading using opposite Jiajia Food and Great Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food 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.| Jiajia Food vs. Anyang Iron Steel | Jiajia Food vs. Tianjin Capital Environmental | Jiajia Food vs. Lingyuan Iron Steel | Jiajia Food vs. Penyao Environmental Protection |
| Great Sun vs. Nanjing Putian Telecommunications | Great Sun vs. Shenzhen Hifuture Electric | Great Sun vs. Tianjin Realty Development | Great Sun vs. Shenyang Huitian Thermal |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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