Correlation Between SUNCOKE ENERGY and Mr Cooper
Can any of the company-specific risk be diversified away by investing in both SUNCOKE ENERGY and Mr Cooper 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 SUNCOKE ENERGY and Mr Cooper into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SUNCOKE ENERGY and Mr Cooper Group, you can compare the effects of market volatilities on SUNCOKE ENERGY and Mr Cooper 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 SUNCOKE ENERGY with a short position of Mr Cooper. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUNCOKE ENERGY and Mr Cooper.
Diversification Opportunities for SUNCOKE ENERGY and Mr Cooper
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SUNCOKE and 07WA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SUNCOKE ENERGY and Mr Cooper Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mr Cooper Group and SUNCOKE ENERGY 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 SUNCOKE ENERGY are associated (or correlated) with Mr Cooper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mr Cooper Group has no effect on the direction of SUNCOKE ENERGY i.e., SUNCOKE ENERGY and Mr Cooper go up and down completely randomly.
Pair Corralation between SUNCOKE ENERGY and Mr Cooper
If you would invest 9,400 in Mr Cooper Group on November 2, 2024 and sell it today you would earn a total of 705.00 from holding Mr Cooper Group or generate 7.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 4.55% |
Values | Daily Returns |
SUNCOKE ENERGY vs. Mr Cooper Group
Performance |
Timeline |
SUNCOKE ENERGY |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
Mr Cooper Group |
SUNCOKE ENERGY and Mr Cooper Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SUNCOKE ENERGY and Mr Cooper
The main advantage of trading using opposite SUNCOKE ENERGY and Mr Cooper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUNCOKE ENERGY position performs unexpectedly, Mr Cooper 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 Mr Cooper will offset losses from the drop in Mr Cooper's long position.SUNCOKE ENERGY vs. Teradata Corp | SUNCOKE ENERGY vs. UPDATE SOFTWARE | SUNCOKE ENERGY vs. Sunny Optical Technology | SUNCOKE ENERGY vs. MACOM Technology Solutions |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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