Correlation Between Great Sun and StarPower Semiconductor
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By analyzing existing cross correlation between Great Sun Foods Co and StarPower Semiconductor, you can compare the effects of market volatilities on Great Sun and StarPower Semiconductor 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 StarPower Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and StarPower Semiconductor.
Diversification Opportunities for Great Sun and StarPower Semiconductor
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Great and StarPower is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and StarPower Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on StarPower Semiconductor 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 StarPower Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of StarPower Semiconductor has no effect on the direction of Great Sun i.e., Great Sun and StarPower Semiconductor go up and down completely randomly.
Pair Corralation between Great Sun and StarPower Semiconductor
Assuming the 90 days trading horizon Great Sun Foods Co is expected to generate 1.12 times more return on investment than StarPower Semiconductor. However, Great Sun is 1.12 times more volatile than StarPower Semiconductor. It trades about 0.01 of its potential returns per unit of risk. StarPower Semiconductor is currently generating about -0.07 per unit of risk. If you would invest 493.00 in Great Sun Foods Co on October 18, 2024 and sell it today you would lose (28.00) from holding Great Sun Foods Co or give up 5.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Great Sun Foods Co vs. StarPower Semiconductor
Performance |
| Timeline |
| Great Sun Foods |
| StarPower Semiconductor |
Great Sun and StarPower Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and StarPower Semiconductor
The main advantage of trading using opposite Great Sun and StarPower Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, StarPower Semiconductor 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 StarPower Semiconductor will offset losses from the drop in StarPower Semiconductor'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 |
| StarPower Semiconductor vs. Xiamen Jihong Package | StarPower Semiconductor vs. Qingdao Foods Co | StarPower Semiconductor vs. Eit Environmental Development | StarPower Semiconductor 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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