Correlation Between Zoy Home and Great Sun
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By analyzing existing cross correlation between Zoy Home Furnishing and Great Sun Foods Co, you can compare the effects of market volatilities on Zoy Home 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 Zoy Home with a short position of Great Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoy Home and Great Sun.
Diversification Opportunities for Zoy Home and Great Sun
Very weak diversification
The 3 months correlation between Zoy and Great is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Zoy Home Furnishing 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 Zoy Home 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 Zoy Home Furnishing 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 Zoy Home i.e., Zoy Home and Great Sun go up and down completely randomly.
Pair Corralation between Zoy Home and Great Sun
Assuming the 90 days trading horizon Zoy Home is expected to generate 1.66 times less return on investment than Great Sun. In addition to that, Zoy Home is 1.11 times more volatile than Great Sun Foods Co. It trades about 0.02 of its total potential returns per unit of risk. Great Sun Foods Co is currently generating about 0.04 per unit of volatility. If you would invest 377.00 in Great Sun Foods Co on November 1, 2024 and sell it today you would earn a total of 64.00 from holding Great Sun Foods Co or generate 16.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoy Home Furnishing vs. Great Sun Foods Co
Performance |
| Timeline |
| Zoy Home Furnishing |
| Great Sun Foods |
Zoy Home and Great Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoy Home and Great Sun
The main advantage of trading using opposite Zoy Home and Great Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoy Home 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.| Zoy Home vs. Jiujiang Shanshui Technology | Zoy Home vs. Heilongjiang Transport Development | Zoy Home vs. Shuhua Sports Co | Zoy Home vs. Shenzhen Urban Transport |
| Great Sun vs. Shannon Semiconductor Technology | Great Sun vs. Jinhui Liquor Co | Great Sun vs. Shanghai V Test Semiconductor | Great Sun vs. MayAir Technology 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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