Correlation Between SunOpta and 361448BJ1
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By analyzing existing cross correlation between SunOpta and GMT 35 01 JUN 32, you can compare the effects of market volatilities on SunOpta and 361448BJ1 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 361448BJ1. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and 361448BJ1.
Diversification Opportunities for SunOpta and 361448BJ1
Very good diversification
The 3 months correlation between SunOpta and 361448BJ1 is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and GMT 35 01 JUN 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GMT 35 01 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 361448BJ1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GMT 35 01 has no effect on the direction of SunOpta i.e., SunOpta and 361448BJ1 go up and down completely randomly.
Pair Corralation between SunOpta and 361448BJ1
Given the investment horizon of 90 days SunOpta is expected to generate 1.44 times more return on investment than 361448BJ1. However, SunOpta is 1.44 times more volatile than GMT 35 01 JUN 32. It trades about 0.38 of its potential returns per unit of risk. GMT 35 01 JUN 32 is currently generating about -0.05 per unit of risk. If you would invest 598.00 in SunOpta on August 28, 2024 and sell it today you would earn a total of 174.00 from holding SunOpta or generate 29.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
SunOpta vs. GMT 35 01 JUN 32
Performance |
| Timeline |
| SunOpta |
| GMT 35 01 |
SunOpta and 361448BJ1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and 361448BJ1
The main advantage of trading using opposite SunOpta and 361448BJ1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, 361448BJ1 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 361448BJ1 will offset losses from the drop in 361448BJ1's long position.| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
| 361448BJ1 vs. AEP TEX INC | 361448BJ1 vs. US BANK NATIONAL | 361448BJ1 vs. 3M Company | 361448BJ1 vs. Alcoa Corp |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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