Correlation Between Great Sun and China Publishing
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By analyzing existing cross correlation between Great Sun Foods Co and China Publishing Media, you can compare the effects of market volatilities on Great Sun and China Publishing 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 China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and China Publishing.
Diversification Opportunities for Great Sun and China Publishing
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Great and China is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media 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 China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Great Sun i.e., Great Sun and China Publishing go up and down completely randomly.
Pair Corralation between Great Sun and China Publishing
Assuming the 90 days trading horizon Great Sun Foods Co is expected to generate 1.69 times more return on investment than China Publishing. However, Great Sun is 1.69 times more volatile than China Publishing Media. It trades about 0.06 of its potential returns per unit of risk. China Publishing Media is currently generating about -0.02 per unit of risk. If you would invest 430.00 in Great Sun Foods Co on November 2, 2024 and sell it today you would earn a total of 11.00 from holding Great Sun Foods Co or generate 2.56% 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. China Publishing Media
Performance |
| Timeline |
| Great Sun Foods |
| China Publishing Media |
Great Sun and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and China Publishing
The main advantage of trading using opposite Great Sun and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, China Publishing 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 China Publishing will offset losses from the drop in China Publishing's long position.| Great Sun vs. Niutech Environment Technology | Great Sun vs. Nanxing Furniture Machinery | Great Sun vs. Zhangjiagang Elegant Home | Great Sun vs. Olympic Circuit Technology |
| China Publishing vs. Chongqing Sulian Plastic | China Publishing vs. Caihong Display Devices | China Publishing vs. Xinjiang Baodi Mining | China Publishing vs. Jiangxi Naipu 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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