Correlation Between 2028 Investment and Sun Life
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By analyzing existing cross correlation between 2028 Investment Grade and Sun Life Financial, you can compare the effects of market volatilities on 2028 Investment 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 2028 Investment with a short position of Sun Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of 2028 Investment and Sun Life.
Diversification Opportunities for 2028 Investment and Sun Life
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between 2028 and Sun is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding 2028 Investment Grade 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 2028 Investment 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 2028 Investment Grade 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 2028 Investment i.e., 2028 Investment and Sun Life go up and down completely randomly.
Pair Corralation between 2028 Investment and Sun Life
Assuming the 90 days trading horizon 2028 Investment is expected to generate 1.81 times less return on investment than Sun Life. But when comparing it to its historical volatility, 2028 Investment Grade is 1.05 times less risky than Sun Life. It trades about 0.05 of its potential returns per unit of risk. Sun Life Financial is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,639 in Sun Life Financial on September 12, 2024 and sell it today you would earn a total of 416.00 from holding Sun Life Financial or generate 25.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 69.03% |
| Values | Daily Returns |
2028 Investment Grade vs. Sun Life Financial
Performance |
| Timeline |
| 2028 Investment Grade |
| Sun Life Financial |
2028 Investment and Sun Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 2028 Investment and Sun Life
The main advantage of trading using opposite 2028 Investment and Sun Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 2028 Investment 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.| 2028 Investment vs. Apple Inc CDR | 2028 Investment vs. NVIDIA CDR | 2028 Investment vs. Microsoft Corp CDR | 2028 Investment vs. Amazon CDR |
| Sun Life vs. Maple Leaf Foods | Sun Life vs. Upstart Investments | Sun Life vs. Maple Peak Investments | Sun Life vs. 2028 Investment Grade |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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