Correlation Between Micron Technology, and SunOpta
Can any of the company-specific risk be diversified away by investing in both Micron Technology, and SunOpta 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 Micron Technology, and SunOpta into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Micron Technology, and SunOpta, you can compare the effects of market volatilities on Micron Technology, and SunOpta 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 Micron Technology, with a short position of SunOpta. Check out your portfolio center. Please also check ongoing floating volatility patterns of Micron Technology, and SunOpta.
Diversification Opportunities for Micron Technology, and SunOpta
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Micron and SunOpta is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Micron Technology, and SunOpta in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SunOpta and Micron Technology, 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 Micron Technology, are associated (or correlated) with SunOpta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SunOpta has no effect on the direction of Micron Technology, i.e., Micron Technology, and SunOpta go up and down completely randomly.
Pair Corralation between Micron Technology, and SunOpta
Assuming the 90 days trading horizon Micron Technology, is expected to generate 0.97 times more return on investment than SunOpta. However, Micron Technology, is 1.03 times less risky than SunOpta. It trades about 0.29 of its potential returns per unit of risk. SunOpta is currently generating about -0.19 per unit of risk. If you would invest 2,679 in Micron Technology, on August 29, 2025 and sell it today you would earn a total of 2,481 from holding Micron Technology, or generate 92.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Micron Technology, vs. SunOpta
Performance |
| Timeline |
| Micron Technology, |
| SunOpta |
Micron Technology, and SunOpta Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Micron Technology, and SunOpta
The main advantage of trading using opposite Micron Technology, and SunOpta positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Micron Technology, position performs unexpectedly, SunOpta 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 SunOpta will offset losses from the drop in SunOpta's long position.| Micron Technology, vs. NVIDIA CDR | Micron Technology, vs. Nvidia CDR | Micron Technology, vs. Advanced Micro Devices | Micron Technology, vs. QUALCOMM Incorporated |
| SunOpta vs. Algonquin Power Utilities | SunOpta vs. Major Drilling Group | SunOpta vs. High Liner Foods | SunOpta vs. Canso Select Opportunities |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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