Correlation Between SunOpta and Cheche Group
Can any of the company-specific risk be diversified away by investing in both SunOpta and Cheche Group 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 Cheche Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunOpta and Cheche Group Class, you can compare the effects of market volatilities on SunOpta and Cheche Group 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 Cheche Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunOpta and Cheche Group.
Diversification Opportunities for SunOpta and Cheche Group
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between SunOpta and Cheche is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding SunOpta and Cheche Group Class in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cheche Group Class 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 Cheche Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cheche Group Class has no effect on the direction of SunOpta i.e., SunOpta and Cheche Group go up and down completely randomly.
Pair Corralation between SunOpta and Cheche Group
Given the investment horizon of 90 days SunOpta is expected to generate 2.67 times less return on investment than Cheche Group. But when comparing it to its historical volatility, SunOpta is 1.38 times less risky than Cheche Group. It trades about 0.08 of its potential returns per unit of risk. Cheche Group Class is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 82.00 in Cheche Group Class on June 7, 2025 and sell it today you would earn a total of 35.00 from holding Cheche Group Class or generate 42.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SunOpta vs. Cheche Group Class
Performance |
| Timeline |
| SunOpta |
| Cheche Group Class |
SunOpta and Cheche Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunOpta and Cheche Group
The main advantage of trading using opposite SunOpta and Cheche Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunOpta position performs unexpectedly, Cheche Group 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 Cheche Group will offset losses from the drop in Cheche Group's long position.| SunOpta vs. Seneca Foods Corp | SunOpta vs. The Hain Celestial | SunOpta vs. Lifeway Foods | SunOpta vs. John B Sanfilippo |
| Cheche Group vs. Kanzhun Ltd ADR | Cheche Group vs. Eventbrite Class A | Cheche Group vs. Scienjoy Holding Corp | Cheche Group vs. Weibo Corp |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |