Correlation Between Great-Sun Foods and Anji Foodstuff
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By analyzing existing cross correlation between Great Sun Foods Co and Anji Foodstuff Co, you can compare the effects of market volatilities on Great-Sun Foods and Anji Foodstuff 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 Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great-Sun Foods and Anji Foodstuff.
Diversification Opportunities for Great-Sun Foods and Anji Foodstuff
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Great-Sun and Anji is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff 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 Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of Great-Sun Foods i.e., Great-Sun Foods and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Great-Sun Foods and Anji Foodstuff
Assuming the 90 days trading horizon Great Sun Foods Co is expected to generate 1.29 times more return on investment than Anji Foodstuff. However, Great-Sun Foods is 1.29 times more volatile than Anji Foodstuff Co. It trades about 0.01 of its potential returns per unit of risk. Anji Foodstuff Co is currently generating about -0.01 per unit of risk. If you would invest 537.00 in Great Sun Foods Co on November 4, 2024 and sell it today you would lose (96.00) from holding Great Sun Foods Co or give up 17.88% 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. Anji Foodstuff Co
Performance |
| Timeline |
| Great Sun Foods |
| Anji Foodstuff |
Great-Sun Foods and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great-Sun Foods and Anji Foodstuff
The main advantage of trading using opposite Great-Sun Foods and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great-Sun Foods position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's 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 |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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