Correlation Between Great Sun and Kunwu Jiuding
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By analyzing existing cross correlation between Great Sun Foods Co and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Great Sun and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Kunwu Jiuding.
Diversification Opportunities for Great Sun and Kunwu Jiuding
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Great and Kunwu is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Great Sun i.e., Great Sun and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Great Sun and Kunwu Jiuding
Assuming the 90 days trading horizon Great Sun Foods Co is expected to under-perform the Kunwu Jiuding. In addition to that, Great Sun is 1.17 times more volatile than Kunwu Jiuding Investment. It trades about -0.15 of its total potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about -0.05 per unit of volatility. If you would invest 1,601 in Kunwu Jiuding Investment on October 17, 2024 and sell it today you would lose (76.00) from holding Kunwu Jiuding Investment or give up 4.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Great Sun Foods Co vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| Great Sun Foods |
| Kunwu Jiuding Investment |
Great Sun and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Kunwu Jiuding
The main advantage of trading using opposite Great Sun and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| Great Sun vs. Heren Health Co | Great Sun vs. Chahua Modern Housewares | Great Sun vs. Goodwill E Health | Great Sun vs. Mingchen Health Co |
| Kunwu Jiuding vs. Great Sun Foods Co | Kunwu Jiuding vs. Ligao Foods CoLtd | Kunwu Jiuding vs. Anji Foodstuff Co | Kunwu Jiuding vs. Shenzhen Kexin Communication |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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