Correlation Between Procter Gamble and SUNCOR
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By analyzing existing cross correlation between Procter Gamble and SUNCOR ENERGY INC, you can compare the effects of market volatilities on Procter Gamble and SUNCOR 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 Procter Gamble with a short position of SUNCOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Procter Gamble and SUNCOR.
Diversification Opportunities for Procter Gamble and SUNCOR
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Procter and SUNCOR is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Procter Gamble and SUNCOR ENERGY INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUNCOR ENERGY INC and Procter Gamble 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 Procter Gamble are associated (or correlated) with SUNCOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUNCOR ENERGY INC has no effect on the direction of Procter Gamble i.e., Procter Gamble and SUNCOR go up and down completely randomly.
Pair Corralation between Procter Gamble and SUNCOR
Allowing for the 90-day total investment horizon Procter Gamble is expected to generate 1.04 times more return on investment than SUNCOR. However, Procter Gamble is 1.04 times more volatile than SUNCOR ENERGY INC. It trades about 0.36 of its potential returns per unit of risk. SUNCOR ENERGY INC is currently generating about 0.3 per unit of risk. If you would invest 16,510 in Procter Gamble on September 2, 2024 and sell it today you would earn a total of 1,416 from holding Procter Gamble or generate 8.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 61.9% |
| Values | Daily Returns |
Procter Gamble vs. SUNCOR ENERGY INC
Performance |
| Timeline |
| Procter Gamble |
| SUNCOR ENERGY INC |
Procter Gamble and SUNCOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Procter Gamble and SUNCOR
The main advantage of trading using opposite Procter Gamble and SUNCOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Procter Gamble position performs unexpectedly, SUNCOR 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 SUNCOR will offset losses from the drop in SUNCOR's long position.| Procter Gamble vs. Colgate Palmolive | Procter Gamble vs. Unilever PLC ADR | Procter Gamble vs. Kimberly Clark | Procter Gamble vs. Estee Lauder Companies |
| SUNCOR vs. Esperion Therapeutics | SUNCOR vs. The Joint Corp | SUNCOR vs. Procter Gamble | SUNCOR vs. Xtant Medical Holdings |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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