Correlation Between SunOpta and GENERAL
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By analyzing existing cross correlation between SunOpta and GENERAL ELEC CAP, you can compare the effects of market volatilities on SunOpta 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 SunOpta with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and GENERAL.
Diversification Opportunities for SunOpta and GENERAL
Very weak diversification
The 3 months correlation between SunOpta and GENERAL is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta 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 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 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 SunOpta i.e., SunOpta and GENERAL go up and down completely randomly.
Pair Corralation between SunOpta and GENERAL
Given the investment horizon of 90 days SunOpta is expected to generate 1.4 times more return on investment than GENERAL. However, SunOpta is 1.4 times more volatile than GENERAL ELEC CAP. It trades about 0.11 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.07 per unit of risk. If you would invest 544.00 in SunOpta on November 2, 2024 and sell it today you would earn a total of 204.00 from holding SunOpta or generate 37.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 42.72% |
| Values | Daily Returns |
SunOpta vs. GENERAL ELEC CAP
Performance |
| Timeline |
| SunOpta |
| GENERAL ELEC CAP |
SunOpta and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and GENERAL
The main advantage of trading using opposite SunOpta and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta 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.| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
| GENERAL vs. Spyre Therapeutics | GENERAL vs. Molecular Partners AG | GENERAL vs. Cadence Design Systems | GENERAL vs. Datadog |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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