Correlation Between Green Panda and Sun Life
Can any of the company-specific risk be diversified away by investing in both Green Panda and Sun Life 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 Green Panda and Sun Life into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Green Panda Capital and Sun Life Financial, you can compare the effects of market volatilities on Green Panda and Sun Life 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 Green Panda with a short position of Sun Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of Green Panda and Sun Life.
Diversification Opportunities for Green Panda and Sun Life
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Green and Sun is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Green Panda Capital and Sun Life Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sun Life Financial and Green Panda 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 Green Panda Capital are associated (or correlated) with Sun Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sun Life Financial has no effect on the direction of Green Panda i.e., Green Panda and Sun Life go up and down completely randomly.
Pair Corralation between Green Panda and Sun Life
If you would invest 7.50 in Green Panda Capital on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Green Panda Capital or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Green Panda Capital vs. Sun Life Financial
Performance |
| Timeline |
| Green Panda Capital |
| Sun Life Financial |
Green Panda and Sun Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Green Panda and Sun Life
The main advantage of trading using opposite Green Panda and Sun Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Green Panda position performs unexpectedly, Sun Life 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 Sun Life will offset losses from the drop in Sun Life's long position.| Green Panda vs. iShares Canadian HYBrid | Green Panda vs. Brompton European Dividend | Green Panda vs. Solar Alliance Energy | Green Panda vs. PHN Multi Style All Cap |
| Sun Life vs. Element Fleet Management | Sun Life vs. North American Financial | Sun Life vs. Champion Iron | Sun Life vs. iA Financial |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |