Correlation Between Steven Madden and SUNOCO
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By analyzing existing cross correlation between Steven Madden and SUNOCO LOGISTICS PARTNERS, you can compare the effects of market volatilities on Steven Madden 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 Steven Madden with a short position of SUNOCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Steven Madden and SUNOCO.
Diversification Opportunities for Steven Madden and SUNOCO
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Steven and SUNOCO is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Steven Madden 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 Steven Madden 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 Steven Madden 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 Steven Madden i.e., Steven Madden and SUNOCO go up and down completely randomly.
Pair Corralation between Steven Madden and SUNOCO
Given the investment horizon of 90 days Steven Madden is expected to under-perform the SUNOCO. In addition to that, Steven Madden is 2.18 times more volatile than SUNOCO LOGISTICS PARTNERS. It trades about -0.04 of its total potential returns per unit of risk. SUNOCO LOGISTICS PARTNERS is currently generating about 0.0 per unit of volatility. If you would invest 10,101 in SUNOCO LOGISTICS PARTNERS on September 13, 2024 and sell it today you would lose (10.00) from holding SUNOCO LOGISTICS PARTNERS or give up 0.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Steven Madden vs. SUNOCO LOGISTICS PARTNERS
Performance |
| Timeline |
| Steven Madden |
| SUNOCO LOGISTICS PARTNERS |
Steven Madden and SUNOCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Steven Madden and SUNOCO
The main advantage of trading using opposite Steven Madden and SUNOCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Steven Madden 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.| Steven Madden vs. Weyco Group | Steven Madden vs. Caleres | Steven Madden vs. Rocky Brands | Steven Madden vs. Designer Brands |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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