Correlation Between SunOpta and Benefytt Technologies
Can any of the company-specific risk be diversified away by investing in both SunOpta and Benefytt Technologies 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 Benefytt Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunOpta and Benefytt Technologies, you can compare the effects of market volatilities on SunOpta and Benefytt Technologies 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 Benefytt Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and Benefytt Technologies.
Diversification Opportunities for SunOpta and Benefytt Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SunOpta and Benefytt is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and Benefytt Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Benefytt Technologies 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 Benefytt Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Benefytt Technologies has no effect on the direction of SunOpta i.e., SunOpta and Benefytt Technologies go up and down completely randomly.
Pair Corralation between SunOpta and Benefytt Technologies
If you would invest (100.00) in Benefytt Technologies on February 4, 2024 and sell it today you would earn a total of 100.00 from holding Benefytt Technologies or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
SunOpta vs. Benefytt Technologies
Performance |
Timeline |
SunOpta |
Benefytt Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SunOpta and Benefytt Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SunOpta and Benefytt Technologies
The main advantage of trading using opposite SunOpta and Benefytt Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, Benefytt Technologies 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 Benefytt Technologies will offset losses from the drop in Benefytt Technologies' long position.SunOpta vs. Green Globe International | SunOpta vs. Greenlane Holdings | SunOpta vs. 22nd Century Group | SunOpta vs. Hempacco Co |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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