Correlation Between SunOpta and GWOCN

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Can any of the company-specific risk be diversified away by investing in both SunOpta and GWOCN 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 GWOCN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunOpta and GWOCN 415 03 JUN 47, you can compare the effects of market volatilities on SunOpta and GWOCN 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 GWOCN. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and GWOCN.

Diversification Opportunities for SunOpta and GWOCN

0.38
  Correlation Coefficient

Weak diversification

The 3 months correlation between SunOpta and GWOCN is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and GWOCN 415 03 JUN 47 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GWOCN 415 03 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 GWOCN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GWOCN 415 03 has no effect on the direction of SunOpta i.e., SunOpta and GWOCN go up and down completely randomly.

Pair Corralation between SunOpta and GWOCN

Given the investment horizon of 90 days SunOpta is expected to generate 1.37 times more return on investment than GWOCN. However, SunOpta is 1.37 times more volatile than GWOCN 415 03 JUN 47. It trades about 0.12 of its potential returns per unit of risk. GWOCN 415 03 JUN 47 is currently generating about -0.23 per unit of risk. If you would invest  641.00  in SunOpta on September 12, 2024 and sell it today you would earn a total of  138.00  from holding SunOpta or generate 21.53% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Weak
Accuracy25.0%
ValuesDaily Returns

SunOpta  vs.  GWOCN 415 03 JUN 47

 Performance 
       Timeline  
SunOpta 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in SunOpta are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite quite weak forward-looking signals, SunOpta disclosed solid returns over the last few months and may actually be approaching a breakup point.
GWOCN 415 03 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days GWOCN 415 03 JUN 47 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for GWOCN 415 03 JUN 47 investors.

SunOpta and GWOCN Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with SunOpta and GWOCN

The main advantage of trading using opposite SunOpta and GWOCN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, GWOCN 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 GWOCN will offset losses from the drop in GWOCN's long position.
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The idea behind SunOpta and GWOCN 415 03 JUN 47 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.

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