Correlation Between Suntory Beverage and GENERAL
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By analyzing existing cross correlation between Suntory Beverage Food and GENERAL ELEC CAP, you can compare the effects of market volatilities on Suntory Beverage and GENERAL 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 Suntory Beverage with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suntory Beverage and GENERAL.
Diversification Opportunities for Suntory Beverage and GENERAL
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Suntory and GENERAL is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Suntory Beverage Food and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP and Suntory Beverage 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 Suntory Beverage Food are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Suntory Beverage i.e., Suntory Beverage and GENERAL go up and down completely randomly.
Pair Corralation between Suntory Beverage and GENERAL
Assuming the 90 days horizon Suntory Beverage Food is expected to under-perform the GENERAL. But the pink sheet apears to be less risky and, when comparing its historical volatility, Suntory Beverage Food is 1.1 times less risky than GENERAL. The pink sheet trades about 0.0 of its potential returns per unit of risk. The GENERAL ELEC CAP is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 9,495 in GENERAL ELEC CAP on September 12, 2024 and sell it today you would earn a total of 32.00 from holding GENERAL ELEC CAP or generate 0.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 54.83% |
| Values | Daily Returns |
Suntory Beverage Food vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Suntory Beverage Food |
| GENERAL ELEC CAP |
Suntory Beverage and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suntory Beverage and GENERAL
The main advantage of trading using opposite Suntory Beverage and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suntory Beverage position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Suntory Beverage vs. Anheuser Busch InBev SANV | Suntory Beverage vs. Anheuser Busch Inbev | Suntory Beverage vs. Molson Coors Brewing | Suntory Beverage vs. Heineken NV |
| GENERAL vs. AEP TEX INC | GENERAL vs. US BANK NATIONAL | GENERAL vs. Recursion Pharmaceuticals | GENERAL vs. SoundHound AI |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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