Correlation Between Great-Sun Foods and Techshine Electronics
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By analyzing existing cross correlation between Great Sun Foods Co and Techshine Electronics Co, you can compare the effects of market volatilities on Great-Sun Foods and Techshine Electronics 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 Foods with a short position of Techshine Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great-Sun Foods and Techshine Electronics.
Diversification Opportunities for Great-Sun Foods and Techshine Electronics
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Great-Sun and Techshine is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Techshine Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Techshine Electronics and Great-Sun Foods 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 Techshine Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Techshine Electronics has no effect on the direction of Great-Sun Foods i.e., Great-Sun Foods and Techshine Electronics go up and down completely randomly.
Pair Corralation between Great-Sun Foods and Techshine Electronics
Assuming the 90 days trading horizon Great-Sun Foods is expected to generate 1.27 times less return on investment than Techshine Electronics. In addition to that, Great-Sun Foods is 1.18 times more volatile than Techshine Electronics Co. It trades about 0.18 of its total potential returns per unit of risk. Techshine Electronics Co is currently generating about 0.26 per unit of volatility. If you would invest 1,870 in Techshine Electronics Co on November 4, 2024 and sell it today you would earn a total of 229.00 from holding Techshine Electronics Co or generate 12.25% return on investment 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. Techshine Electronics Co
Performance |
| Timeline |
| Great Sun Foods |
| Techshine Electronics |
Great-Sun Foods and Techshine Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great-Sun Foods and Techshine Electronics
The main advantage of trading using opposite Great-Sun Foods and Techshine Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great-Sun Foods position performs unexpectedly, Techshine Electronics 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 Techshine Electronics will offset losses from the drop in Techshine Electronics' long position.| Great-Sun Foods vs. Queclink Wireless Solutions | Great-Sun Foods vs. Shanghai Rongtai Health | Great-Sun Foods vs. Cansino Biologics | Great-Sun Foods vs. Hangzhou Minsheng Healthcare |
| Techshine Electronics vs. Beijing Kingsoft Office | Techshine Electronics vs. Ye Chiu Metal | Techshine Electronics vs. Tongling Nonferrous Metals | Techshine Electronics vs. ZYF Lopsking Aluminum |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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