Correlation Between SunOpta and CXApp
Can any of the company-specific risk be diversified away by investing in both SunOpta and CXApp at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SunOpta and CXApp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunOpta and CXApp Inc, you can compare the effects of market volatilities on SunOpta and CXApp 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 SunOpta with a short position of CXApp. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and CXApp.
Diversification Opportunities for SunOpta and CXApp
Modest diversification
The 3 months correlation between SunOpta and CXApp is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and CXApp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CXApp Inc and SunOpta 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 SunOpta are associated (or correlated) with CXApp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CXApp Inc has no effect on the direction of SunOpta i.e., SunOpta and CXApp go up and down completely randomly.
Pair Corralation between SunOpta and CXApp
Given the investment horizon of 90 days SunOpta is expected to generate 0.49 times more return on investment than CXApp. However, SunOpta is 2.03 times less risky than CXApp. It trades about 0.09 of its potential returns per unit of risk. CXApp Inc is currently generating about 0.03 per unit of risk. If you would invest 637.00 in SunOpta on October 14, 2024 and sell it today you would earn a total of 90.00 from holding SunOpta or generate 14.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SunOpta vs. CXApp Inc
Performance |
| Timeline |
| SunOpta |
| CXApp Inc |
SunOpta and CXApp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and CXApp
The main advantage of trading using opposite SunOpta and CXApp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, CXApp 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 CXApp will offset losses from the drop in CXApp's long position.| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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