Correlation Between SunOpta and PACIFIC
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By analyzing existing cross correlation between SunOpta and PACIFIC GAS AND, you can compare the effects of market volatilities on SunOpta and PACIFIC 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 PACIFIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and PACIFIC.
Diversification Opportunities for SunOpta and PACIFIC
Good diversification
The 3 months correlation between SunOpta and PACIFIC is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and PACIFIC GAS AND in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFIC GAS AND 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 PACIFIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFIC GAS AND has no effect on the direction of SunOpta i.e., SunOpta and PACIFIC go up and down completely randomly.
Pair Corralation between SunOpta and PACIFIC
Given the investment horizon of 90 days SunOpta is expected to generate 2.06 times more return on investment than PACIFIC. However, SunOpta is 2.06 times more volatile than PACIFIC GAS AND. It trades about 0.04 of its potential returns per unit of risk. PACIFIC GAS AND is currently generating about 0.06 per unit of risk. If you would invest 626.00 in SunOpta on September 12, 2024 and sell it today you would earn a total of 163.00 from holding SunOpta or generate 26.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.86% |
| Values | Daily Returns |
SunOpta vs. PACIFIC GAS AND
Performance |
| Timeline |
| SunOpta |
| PACIFIC GAS AND |
SunOpta and PACIFIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and PACIFIC
The main advantage of trading using opposite SunOpta and PACIFIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, PACIFIC 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 PACIFIC will offset losses from the drop in PACIFIC'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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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