Correlation Between GE Aerospace and SUNOCO
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By analyzing existing cross correlation between GE Aerospace and SUNOCO LOGISTICS PARTNERS, you can compare the effects of market volatilities on GE Aerospace and SUNOCO 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 GE Aerospace with a short position of SUNOCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of GE Aerospace and SUNOCO.
Diversification Opportunities for GE Aerospace and SUNOCO
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GE Aerospace and SUNOCO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GE Aerospace and SUNOCO LOGISTICS PARTNERS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUNOCO LOGISTICS PARTNERS and GE Aerospace 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 GE Aerospace are associated (or correlated) with SUNOCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUNOCO LOGISTICS PARTNERS has no effect on the direction of GE Aerospace i.e., GE Aerospace and SUNOCO go up and down completely randomly.
Pair Corralation between GE Aerospace and SUNOCO
Allowing for the 90-day total investment horizon GE Aerospace is expected to generate 2.76 times more return on investment than SUNOCO. However, GE Aerospace is 2.76 times more volatile than SUNOCO LOGISTICS PARTNERS. It trades about 0.16 of its potential returns per unit of risk. SUNOCO LOGISTICS PARTNERS is currently generating about -0.19 per unit of risk. If you would invest 17,176 in GE Aerospace on September 5, 2024 and sell it today you would earn a total of 896.00 from holding GE Aerospace or generate 5.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
GE Aerospace vs. SUNOCO LOGISTICS PARTNERS
Performance |
| Timeline |
| GE Aerospace |
| SUNOCO LOGISTICS PARTNERS |
GE Aerospace and SUNOCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GE Aerospace and SUNOCO
The main advantage of trading using opposite GE Aerospace and SUNOCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GE Aerospace position performs unexpectedly, SUNOCO 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 SUNOCO will offset losses from the drop in SUNOCO's long position.| GE Aerospace vs. Illinois Tool Works | GE Aerospace vs. Dover | GE Aerospace vs. Cummins | GE Aerospace vs. Eaton PLC |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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