Correlation Between Sun Life and PUBLIC
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By analyzing existing cross correlation between Sun Life Financial and PUBLIC SVC O, you can compare the effects of market volatilities on Sun Life and PUBLIC 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 PUBLIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Life and PUBLIC.
Diversification Opportunities for Sun Life and PUBLIC
Very good diversification
The 3 months correlation between Sun and PUBLIC is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Sun Life Financial and PUBLIC SVC O in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PUBLIC SVC O 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 PUBLIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PUBLIC SVC O has no effect on the direction of Sun Life i.e., Sun Life and PUBLIC go up and down completely randomly.
Pair Corralation between Sun Life and PUBLIC
Considering the 90-day investment horizon Sun Life Financial is expected to generate 1.0 times more return on investment than PUBLIC. However, Sun Life is 1.0 times more volatile than PUBLIC SVC O. It trades about 0.52 of its potential returns per unit of risk. PUBLIC SVC O is currently generating about 0.04 per unit of risk. If you would invest 5,488 in Sun Life Financial on September 1, 2024 and sell it today you would earn a total of 651.00 from holding Sun Life Financial or generate 11.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.71% |
| Values | Daily Returns |
Sun Life Financial vs. PUBLIC SVC O
Performance |
| Timeline |
| Sun Life Financial |
| PUBLIC SVC O |
Sun Life and PUBLIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Life and PUBLIC
The main advantage of trading using opposite Sun Life and PUBLIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Life position performs unexpectedly, PUBLIC 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 PUBLIC will offset losses from the drop in PUBLIC's long position.| Sun Life vs. Hartford Financial Services | Sun Life vs. Goosehead Insurance | Sun Life vs. International General Insurance | Sun Life vs. Enstar Group Limited |
| PUBLIC vs. Mannatech Incorporated | PUBLIC vs. AMREP | PUBLIC vs. 17 Education Technology | PUBLIC vs. World Houseware Limited |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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