Correlation Between Great Sun and Guangzhou Seagull
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By analyzing existing cross correlation between Great Sun Foods Co and Guangzhou Seagull Kitchen, you can compare the effects of market volatilities on Great Sun and Guangzhou Seagull 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 Guangzhou Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Guangzhou Seagull.
Diversification Opportunities for Great Sun and Guangzhou Seagull
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Great and Guangzhou is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Guangzhou Seagull Kitchen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Seagull Kitchen 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 Guangzhou Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Seagull Kitchen has no effect on the direction of Great Sun i.e., Great Sun and Guangzhou Seagull go up and down completely randomly.
Pair Corralation between Great Sun and Guangzhou Seagull
Assuming the 90 days trading horizon Great Sun Foods Co is expected to generate 1.08 times more return on investment than Guangzhou Seagull. However, Great Sun is 1.08 times more volatile than Guangzhou Seagull Kitchen. It trades about 0.01 of its potential returns per unit of risk. Guangzhou Seagull Kitchen is currently generating about -0.02 per unit of risk. If you would invest 497.00 in Great Sun Foods Co on October 27, 2024 and sell it today you would lose (54.00) from holding Great Sun Foods Co or give up 10.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Great Sun Foods Co vs. Guangzhou Seagull Kitchen
Performance |
| Timeline |
| Great Sun Foods |
| Guangzhou Seagull Kitchen |
Great Sun and Guangzhou Seagull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Guangzhou Seagull
The main advantage of trading using opposite Great Sun and Guangzhou Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Guangzhou Seagull 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 Guangzhou Seagull will offset losses from the drop in Guangzhou Seagull's long position.| Great Sun vs. Kweichow Moutai Co | Great Sun vs. Contemporary Amperex Technology | Great Sun vs. G bits Network Technology | Great Sun vs. Beijing Roborock Technology |
| Guangzhou Seagull vs. Xiangpiaopiao Food Co | Guangzhou Seagull vs. Xinjiang Tianrun Dairy | Guangzhou Seagull vs. Shanghai Ziyan Foods | Guangzhou Seagull vs. Jiahe Foods Industry |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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