Correlation Between Great Sun and Shenzhen Noposion
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By analyzing existing cross correlation between Great Sun Foods Co and Shenzhen Noposion Agrochemicals, you can compare the effects of market volatilities on Great Sun and Shenzhen Noposion 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 Noposion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Shenzhen Noposion.
Diversification Opportunities for Great Sun and Shenzhen Noposion
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Great and Shenzhen is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Shenzhen Noposion Agrochemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Noposion 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 Noposion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Noposion has no effect on the direction of Great Sun i.e., Great Sun and Shenzhen Noposion go up and down completely randomly.
Pair Corralation between Great Sun and Shenzhen Noposion
Assuming the 90 days trading horizon Great Sun Foods Co is expected to under-perform the Shenzhen Noposion. In addition to that, Great Sun is 1.27 times more volatile than Shenzhen Noposion Agrochemicals. It trades about -0.15 of its total potential returns per unit of risk. Shenzhen Noposion Agrochemicals is currently generating about -0.15 per unit of volatility. If you would invest 1,134 in Shenzhen Noposion Agrochemicals on October 12, 2024 and sell it today you would lose (118.00) from holding Shenzhen Noposion Agrochemicals or give up 10.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Great Sun Foods Co vs. Shenzhen Noposion Agrochemical
Performance |
| Timeline |
| Great Sun Foods |
| Shenzhen Noposion |
Great Sun and Shenzhen Noposion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Shenzhen Noposion
The main advantage of trading using opposite Great Sun and Shenzhen Noposion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Shenzhen Noposion 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 Noposion will offset losses from the drop in Shenzhen Noposion's long position.| Great Sun vs. Liaoning Chengda Biotechnology | Great Sun vs. Qijing Machinery | Great Sun vs. Sichuan Hebang Biotechnology | Great Sun vs. Long Yuan Construction |
| Shenzhen Noposion vs. SSAW Hotels Resorts | Shenzhen Noposion vs. Zhengzhou Coal Mining | Shenzhen Noposion vs. BTG Hotels Group | Shenzhen Noposion vs. Shenzhen Silver Basis |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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