Correlation Between SunOpta and SYNCHRONY
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By analyzing existing cross correlation between SunOpta and SYNCHRONY FINL 45, you can compare the effects of market volatilities on SunOpta and SYNCHRONY 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 SYNCHRONY. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and SYNCHRONY.
Diversification Opportunities for SunOpta and SYNCHRONY
Very good diversification
The 3 months correlation between SunOpta and SYNCHRONY is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and SYNCHRONY FINL 45 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SYNCHRONY FINL 45 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 SYNCHRONY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SYNCHRONY FINL 45 has no effect on the direction of SunOpta i.e., SunOpta and SYNCHRONY go up and down completely randomly.
Pair Corralation between SunOpta and SYNCHRONY
Given the investment horizon of 90 days SunOpta is expected to generate 9.71 times more return on investment than SYNCHRONY. However, SunOpta is 9.71 times more volatile than SYNCHRONY FINL 45. It trades about 0.29 of its potential returns per unit of risk. SYNCHRONY FINL 45 is currently generating about -0.08 per unit of risk. If you would invest 680.00 in SunOpta on September 2, 2024 and sell it today you would earn a total of 95.00 from holding SunOpta or generate 13.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
SunOpta vs. SYNCHRONY FINL 45
Performance |
| Timeline |
| SunOpta |
| SYNCHRONY FINL 45 |
SunOpta and SYNCHRONY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and SYNCHRONY
The main advantage of trading using opposite SunOpta and SYNCHRONY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, SYNCHRONY 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 SYNCHRONY will offset losses from the drop in SYNCHRONY's long position.| SunOpta vs. Seneca Foods Corp | SunOpta vs. Central Garden Pet | SunOpta vs. Central Garden Pet | SunOpta vs. Natures Sunshine Products |
| SYNCHRONY vs. SunOpta | SYNCHRONY vs. Village Super Market | SYNCHRONY vs. Vita Coco | SYNCHRONY vs. Ispire Technology Common |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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