Correlation Between SunOpta and Lord Global
Can any of the company-specific risk be diversified away by investing in both SunOpta and Lord Global 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 Lord Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunOpta and Lord Global Corp, you can compare the effects of market volatilities on SunOpta and Lord Global 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 Lord Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and Lord Global.
Diversification Opportunities for SunOpta and Lord Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SunOpta and Lord is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and Lord Global Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lord Global Corp 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 Lord Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lord Global Corp has no effect on the direction of SunOpta i.e., SunOpta and Lord Global go up and down completely randomly.
Pair Corralation between SunOpta and Lord Global
If you would invest 665.00 in SunOpta on September 1, 2024 and sell it today you would earn a total of 110.00 from holding SunOpta or generate 16.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 33.51% |
| Values | Daily Returns |
SunOpta vs. Lord Global Corp
Performance |
| Timeline |
| SunOpta |
| Lord Global Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SunOpta and Lord Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and Lord Global
The main advantage of trading using opposite SunOpta and Lord Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, Lord Global 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 Lord Global will offset losses from the drop in Lord Global's long position.| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
| Lord Global vs. ACG Metals Limited | Lord Global vs. Eldorado Gold Corp | Lord Global vs. Eastman Kodak Co | Lord Global vs. Lindblad Expeditions Holdings |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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