Correlation Between Great Sun and Heilongjiang Publishing
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By analyzing existing cross correlation between Great Sun Foods Co and Heilongjiang Publishing Media, you can compare the effects of market volatilities on Great Sun and Heilongjiang 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 Heilongjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Sun and Heilongjiang Publishing.
Diversification Opportunities for Great Sun and Heilongjiang Publishing
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Great and Heilongjiang is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Great Sun Foods Co and Heilongjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Publishing 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 Heilongjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Publishing has no effect on the direction of Great Sun i.e., Great Sun and Heilongjiang Publishing go up and down completely randomly.
Pair Corralation between Great Sun and Heilongjiang Publishing
Assuming the 90 days trading horizon Great Sun Foods Co is expected to generate 1.47 times more return on investment than Heilongjiang Publishing. However, Great Sun is 1.47 times more volatile than Heilongjiang Publishing Media. It trades about -0.08 of its potential returns per unit of risk. Heilongjiang Publishing Media is currently generating about -0.35 per unit of risk. If you would invest 504.00 in Great Sun Foods Co on October 18, 2024 and sell it today you would lose (39.00) from holding Great Sun Foods Co or give up 7.74% 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. Heilongjiang Publishing Media
Performance |
| Timeline |
| Great Sun Foods |
| Heilongjiang Publishing |
Great Sun and Heilongjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Sun and Heilongjiang Publishing
The main advantage of trading using opposite Great Sun and Heilongjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Sun position performs unexpectedly, Heilongjiang 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 Heilongjiang Publishing will offset losses from the drop in Heilongjiang Publishing'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 |
| Heilongjiang Publishing vs. Jonjee Hi tech Industrial | Heilongjiang Publishing vs. Zhengzhou Coal Mining | Heilongjiang Publishing vs. Great Sun Foods Co | Heilongjiang Publishing vs. Guangdong Jingyi Metal |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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