Correlation Between Shandong Sinoglory and Great Sun
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Sinoglory Health and Great Sun Foods Co, you can compare the effects of market volatilities on Shandong Sinoglory 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 Shandong Sinoglory with a short position of Great Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Sinoglory and Great Sun.
Diversification Opportunities for Shandong Sinoglory and Great Sun
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shandong and Great is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Sinoglory Health 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 Shandong Sinoglory 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 Shandong Sinoglory Health 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 Shandong Sinoglory i.e., Shandong Sinoglory and Great Sun go up and down completely randomly.
Pair Corralation between Shandong Sinoglory and Great Sun
Assuming the 90 days trading horizon Shandong Sinoglory Health is expected to generate 0.57 times more return on investment than Great Sun. However, Shandong Sinoglory Health is 1.75 times less risky than Great Sun. It trades about -0.01 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 1,211 in Shandong Sinoglory Health on October 26, 2024 and sell it today you would lose (35.00) from holding Shandong Sinoglory Health or give up 2.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Sinoglory Health vs. Great Sun Foods Co
Performance |
| Timeline |
| Shandong Sinoglory Health |
| Great Sun Foods |
Shandong Sinoglory and Great Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Sinoglory and Great Sun
The main advantage of trading using opposite Shandong Sinoglory and Great Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Sinoglory 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.| Shandong Sinoglory vs. Kweichow Moutai Co | Shandong Sinoglory vs. Contemporary Amperex Technology | Shandong Sinoglory vs. G bits Network Technology | Shandong Sinoglory vs. Beijing Roborock Technology |
| Great Sun vs. Bank of Communications | Great Sun vs. Wuhan Yangtze Communication | Great Sun vs. Nanjing Putian Telecommunications | Great Sun vs. Wintao Communications 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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |