Correlation Between Great Sun and Jiangnan Mould
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By analyzing existing cross correlation between Great Sun Foods Co and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Great Sun and Jiangnan Mould 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 Great Sun with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Jiangnan Mould.
Diversification Opportunities for Great Sun and Jiangnan Mould
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Great and Jiangnan is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Great Sun 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 Great Sun Foods Co are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Great Sun i.e., Great Sun and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Great Sun and Jiangnan Mould
Assuming the 90 days trading horizon Great Sun is expected to generate 2.3 times less return on investment than Jiangnan Mould. In addition to that, Great Sun is 1.23 times more volatile than Jiangnan Mould Plastic. It trades about 0.01 of its total potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about 0.03 per unit of volatility. 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 |
Great Sun Foods Co vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Great Sun Foods |
| Jiangnan Mould Plastic |
Great Sun and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Jiangnan Mould
The main advantage of trading using opposite Great Sun and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Great Sun vs. CIMC Vehicles Co | Great Sun vs. Dongfeng Automobile Co | Great Sun vs. Bank of Communications | Great Sun vs. Guangzhou Haige Communications |
| Jiangnan Mould vs. Tianjin Ruixin Technology | Jiangnan Mould vs. 360 Security Technology | Jiangnan Mould vs. Eyebright Medical Technology | Jiangnan Mould vs. China Eastern Airlines |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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