Correlation Between Sun Life and 058498AW6
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By analyzing existing cross correlation between Sun Life Financial and BALL P 2875, you can compare the effects of market volatilities on Sun Life and 058498AW6 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 058498AW6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Life and 058498AW6.
Diversification Opportunities for Sun Life and 058498AW6
Excellent diversification
The 3 months correlation between Sun and 058498AW6 is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Sun Life Financial and BALL P 2875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BALL P 2875 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 Financial are associated (or correlated) with 058498AW6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BALL P 2875 has no effect on the direction of Sun Life i.e., Sun Life and 058498AW6 go up and down completely randomly.
Pair Corralation between Sun Life and 058498AW6
Considering the 90-day investment horizon Sun Life Financial is expected to generate 2.32 times more return on investment than 058498AW6. However, Sun Life is 2.32 times more volatile than BALL P 2875. It trades about 0.09 of its potential returns per unit of risk. BALL P 2875 is currently generating about 0.06 per unit of risk. If you would invest 4,962 in Sun Life Financial on September 4, 2024 and sell it today you would earn a total of 1,167 from holding Sun Life Financial or generate 23.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
Sun Life Financial vs. BALL P 2875
Performance |
| Timeline |
| Sun Life Financial |
| BALL P 2875 |
Sun Life and 058498AW6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Life and 058498AW6
The main advantage of trading using opposite Sun Life and 058498AW6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Life position performs unexpectedly, 058498AW6 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 058498AW6 will offset losses from the drop in 058498AW6's long position.| Sun Life vs. Axa Equitable Holdings | Sun Life vs. American International Group | Sun Life vs. Arch Capital Group | Sun Life vs. Old Republic International |
| 058498AW6 vs. The Travelers Companies | 058498AW6 vs. GE Aerospace | 058498AW6 vs. Walmart | 058498AW6 vs. Pfizer Inc |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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