Correlation Between MayAir Technology and Great Sun
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By analyzing existing cross correlation between MayAir Technology Co and Great Sun Foods Co, you can compare the effects of market volatilities on MayAir Technology 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 MayAir Technology with a short position of Great Sun. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Great Sun.
Diversification Opportunities for MayAir Technology and Great Sun
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between MayAir and Great is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co 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 MayAir Technology 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 MayAir Technology Co 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 MayAir Technology i.e., MayAir Technology and Great Sun go up and down completely randomly.
Pair Corralation between MayAir Technology and Great Sun
Assuming the 90 days trading horizon MayAir Technology Co is expected to generate 0.85 times more return on investment than Great Sun. However, MayAir Technology Co is 1.18 times less risky than Great Sun. It trades about 0.01 of its potential returns per unit of risk. Great Sun Foods Co is currently generating about 0.01 per unit of risk. If you would invest 3,510 in MayAir Technology Co on November 1, 2024 and sell it today you would lose (161.00) from holding MayAir Technology Co or give up 4.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Great Sun Foods Co
Performance |
| Timeline |
| MayAir Technology |
| Great Sun Foods |
MayAir Technology and Great Sun Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Great Sun
The main advantage of trading using opposite MayAir Technology and Great Sun positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology 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.| MayAir Technology vs. Jiangsu Phoenix Publishing | MayAir Technology vs. Southern PublishingMedia Co | MayAir Technology vs. Xiwang Foodstuffs Co | MayAir Technology vs. Offcn Education Technology |
| 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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