Correlation Between Great Sun and Anhui Tongguan
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By analyzing existing cross correlation between Great Sun Foods Co and Anhui Tongguan Copper, you can compare the effects of market volatilities on Great Sun and Anhui Tongguan 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 Anhui Tongguan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Anhui Tongguan.
Diversification Opportunities for Great Sun and Anhui Tongguan
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Great and Anhui is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Anhui Tongguan Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Tongguan Copper 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 Anhui Tongguan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Tongguan Copper has no effect on the direction of Great Sun i.e., Great Sun and Anhui Tongguan go up and down completely randomly.
Pair Corralation between Great Sun and Anhui Tongguan
Assuming the 90 days trading horizon Great Sun Foods Co is expected to generate 1.24 times more return on investment than Anhui Tongguan. However, Great Sun is 1.24 times more volatile than Anhui Tongguan Copper. It trades about 0.01 of its potential returns per unit of risk. Anhui Tongguan Copper is currently generating about 0.0 per unit of risk. If you would invest 493.00 in Great Sun Foods Co on October 14, 2024 and sell it today you would lose (56.00) from holding Great Sun Foods Co or give up 11.36% 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. Anhui Tongguan Copper
Performance |
| Timeline |
| Great Sun Foods |
| Anhui Tongguan Copper |
Great Sun and Anhui Tongguan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Anhui Tongguan
The main advantage of trading using opposite Great Sun and Anhui Tongguan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Anhui Tongguan 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 Anhui Tongguan will offset losses from the drop in Anhui Tongguan's long position.| Great Sun vs. Jiangsu Financial Leasing | Great Sun vs. Unisplendour Corp | Great Sun vs. Zoje Resources Investment | Great Sun vs. GRG Banking Equipment |
| Anhui Tongguan vs. Eastroc Beverage Group | Anhui Tongguan vs. Anhui Transport Consulting | Anhui Tongguan vs. Great Sun Foods Co | Anhui Tongguan vs. Muyuan Foodstuff 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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