Correlation Between Fujian Anjoy and Great Sun
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By analyzing existing cross correlation between Fujian Anjoy Foods and Great Sun Foods Co, you can compare the effects of market volatilities on Fujian Anjoy and Great Sun 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 Fujian Anjoy with a short position of Great Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Great Sun.
Diversification Opportunities for Fujian Anjoy and Great Sun
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fujian and Great is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Great Sun Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Great Sun Foods and Fujian Anjoy 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 Fujian Anjoy Foods are associated (or correlated) with Great Sun. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Great Sun Foods has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Great Sun go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Great Sun
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to under-perform the Great Sun. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Anjoy Foods is 2.41 times less risky than Great Sun. The stock trades about -0.26 of its potential returns per unit of risk. The Great Sun Foods Co is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 454.00 in Great Sun Foods Co on October 22, 2024 and sell it today you would earn a total of 3.00 from holding Great Sun Foods Co or generate 0.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Great Sun Foods Co
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Great Sun Foods |
Fujian Anjoy and Great Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Great Sun
The main advantage of trading using opposite Fujian Anjoy and Great Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Great Sun 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 Great Sun will offset losses from the drop in Great Sun's long position.| Fujian Anjoy vs. TongFu Microelectronics Co | Fujian Anjoy vs. Sihui Fuji Electronics | Fujian Anjoy vs. Fuzhou Rockchip Electronics | Fujian Anjoy vs. Kingclean Electric Co |
| Great Sun vs. Guangdong Qunxing Toys | Great Sun vs. 360 Security Technology | Great Sun vs. Shenzhen Zqgame | Great Sun vs. Lianhe Chemical Technology |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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