Correlation Between Great Sun and Thinkingdom Media
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By analyzing existing cross correlation between Great Sun Foods Co and Thinkingdom Media Group, you can compare the effects of market volatilities on Great Sun and Thinkingdom Media 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Thinkingdom Media.
Diversification Opportunities for Great Sun and Thinkingdom Media
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Great and Thinkingdom is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Great Sun i.e., Great Sun and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Great Sun and Thinkingdom Media
Assuming the 90 days trading horizon Great Sun is expected to generate 4.41 times less return on investment than Thinkingdom Media. In addition to that, Great Sun is 1.24 times more volatile than Thinkingdom Media Group. It trades about 0.08 of its total potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.42 per unit of volatility. If you would invest 1,708 in Thinkingdom Media Group on September 4, 2024 and sell it today you would earn a total of 592.00 from holding Thinkingdom Media Group or generate 34.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Great Sun Foods Co vs. Thinkingdom Media Group
Performance |
| Timeline |
| Great Sun Foods |
| Thinkingdom Media |
Great Sun and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Thinkingdom Media
The main advantage of trading using opposite Great Sun and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.| Great Sun vs. Jilin Jlu Communication | Great Sun vs. State Grid InformationCommunication | Great Sun vs. Eastern Communications Co | Great Sun vs. Anhui Deli Household |
| Thinkingdom Media vs. JuneYao Dairy Co | Thinkingdom Media vs. Zhangjiagang Freetrade Science | Thinkingdom Media vs. Yunnan Xiyi Industrial | Thinkingdom Media vs. Great Sun Foods 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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