Correlation Between Great Sun and Shenzhen Hifuture
Specify exactly 2 symbols:
By analyzing existing cross correlation between Great Sun Foods Co and Shenzhen Hifuture Electric, you can compare the effects of market volatilities on Great Sun and Shenzhen Hifuture 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 Shenzhen Hifuture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Shenzhen Hifuture.
Diversification Opportunities for Great Sun and Shenzhen Hifuture
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Great and Shenzhen is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Shenzhen Hifuture Electric in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Hifuture 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 Shenzhen Hifuture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Hifuture has no effect on the direction of Great Sun i.e., Great Sun and Shenzhen Hifuture go up and down completely randomly.
Pair Corralation between Great Sun and Shenzhen Hifuture
Assuming the 90 days trading horizon Great Sun Foods Co is expected to generate 1.21 times more return on investment than Shenzhen Hifuture. However, Great Sun is 1.21 times more volatile than Shenzhen Hifuture Electric. It trades about -0.22 of its potential returns per unit of risk. Shenzhen Hifuture Electric is currently generating about -0.35 per unit of risk. If you would invest 532.00 in Great Sun Foods Co on October 14, 2024 and sell it today you would lose (95.00) from holding Great Sun Foods Co or give up 17.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Great Sun Foods Co vs. Shenzhen Hifuture Electric
Performance |
| Timeline |
| Great Sun Foods |
| Shenzhen Hifuture |
Great Sun and Shenzhen Hifuture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Shenzhen Hifuture
The main advantage of trading using opposite Great Sun and Shenzhen Hifuture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Shenzhen Hifuture 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 Shenzhen Hifuture will offset losses from the drop in Shenzhen Hifuture's long position.| Great Sun vs. Guangzhou Jinyi Media | Great Sun vs. GUOMAI Culture Media | Great Sun vs. Shenzhen AV Display Co | Great Sun vs. Zhongyin Babi Food |
| Shenzhen Hifuture vs. Tibet Huayu Mining | Shenzhen Hifuture vs. Great Sun Foods Co | Shenzhen Hifuture vs. HaiXin Foods Co | Shenzhen Hifuture vs. Pengxin International Mining |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |