Correlation Between Sun Life and PHN Multi
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By analyzing existing cross correlation between Sun Life Non and PHN Multi Style All Cap, you can compare the effects of market volatilities on Sun Life and PHN Multi 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 Sun Life with a short position of PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Life and PHN Multi.
Diversification Opportunities for Sun Life and PHN Multi
Pay attention - limited upside
The 3 months correlation between Sun and PHN is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Sun Life Non and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style and Sun Life 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 Sun Life Non are associated (or correlated) with PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of Sun Life i.e., Sun Life and PHN Multi go up and down completely randomly.
Pair Corralation between Sun Life and PHN Multi
Assuming the 90 days trading horizon Sun Life Non is expected to generate 1.15 times more return on investment than PHN Multi. However, Sun Life is 1.15 times more volatile than PHN Multi Style All Cap. It trades about -0.05 of its potential returns per unit of risk. PHN Multi Style All Cap is currently generating about -0.1 per unit of risk. If you would invest 1,785 in Sun Life Non on November 28, 2024 and sell it today you would lose (16.00) from holding Sun Life Non or give up 0.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Sun Life Non vs. PHN Multi Style All Cap
Performance |
| Timeline |
| Sun Life Non |
| PHN Multi Style |
Sun Life and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Life and PHN Multi
The main advantage of trading using opposite Sun Life and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Life position performs unexpectedly, PHN Multi 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 PHN Multi will offset losses from the drop in PHN Multi's long position.| Sun Life vs. Brookfield Office Properties | Sun Life vs. Andean Precious Metals | Sun Life vs. Black Mammoth Metals | Sun Life vs. CVW CleanTech |
| PHN Multi vs. Fidelity Tactical High | PHN Multi vs. Fidelity ClearPath 2045 | PHN Multi vs. Bloom Select Income | PHN Multi vs. Mackenzie Ivy European |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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