Correlation Between Sun Life and 842400HN6
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By analyzing existing cross correlation between Sun Life Financial and EIX 345 01 FEB 52, you can compare the effects of market volatilities on Sun Life and 842400HN6 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 842400HN6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Life and 842400HN6.
Diversification Opportunities for Sun Life and 842400HN6
Very good diversification
The 3 months correlation between Sun and 842400HN6 is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Sun Life Financial and EIX 345 01 FEB 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EIX 345 01 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 842400HN6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EIX 345 01 has no effect on the direction of Sun Life i.e., Sun Life and 842400HN6 go up and down completely randomly.
Pair Corralation between Sun Life and 842400HN6
Considering the 90-day investment horizon Sun Life Financial is expected to generate 0.8 times more return on investment than 842400HN6. However, Sun Life Financial is 1.24 times less risky than 842400HN6. It trades about 0.21 of its potential returns per unit of risk. EIX 345 01 FEB 52 is currently generating about 0.14 per unit of risk. If you would invest 5,899 in Sun Life Financial on September 12, 2024 and sell it today you would earn a total of 207.00 from holding Sun Life Financial or generate 3.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 68.18% |
| Values | Daily Returns |
Sun Life Financial vs. EIX 345 01 FEB 52
Performance |
| Timeline |
| Sun Life Financial |
| EIX 345 01 |
Sun Life and 842400HN6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Life and 842400HN6
The main advantage of trading using opposite Sun Life and 842400HN6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Life position performs unexpectedly, 842400HN6 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 842400HN6 will offset losses from the drop in 842400HN6'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 |
| 842400HN6 vs. Ameriprise Financial | 842400HN6 vs. Sun Life Financial | 842400HN6 vs. SEI Investments | 842400HN6 vs. Old Republic International |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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