Correlation Between Sun Life and TOYOTA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sun Life Financial and TOYOTA 483428 13 JAN 25, you can compare the effects of market volatilities on Sun Life and TOYOTA 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 TOYOTA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Life and TOYOTA.
Diversification Opportunities for Sun Life and TOYOTA
Very good diversification
The 3 months correlation between Sun and TOYOTA is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Sun Life Financial and TOYOTA 483428 13 JAN 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOYOTA 483428 13 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 TOYOTA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOYOTA 483428 13 has no effect on the direction of Sun Life i.e., Sun Life and TOYOTA go up and down completely randomly.
Pair Corralation between Sun Life and TOYOTA
Considering the 90-day investment horizon Sun Life Financial is expected to generate 2.39 times more return on investment than TOYOTA. However, Sun Life is 2.39 times more volatile than TOYOTA 483428 13 JAN 25. It trades about 0.17 of its potential returns per unit of risk. TOYOTA 483428 13 JAN 25 is currently generating about -0.13 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 174.00 from holding Sun Life Financial or generate 2.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 54.55% |
| Values | Daily Returns |
Sun Life Financial vs. TOYOTA 483428 13 JAN 25
Performance |
| Timeline |
| Sun Life Financial |
| TOYOTA 483428 13 |
Sun Life and TOYOTA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Life and TOYOTA
The main advantage of trading using opposite Sun Life and TOYOTA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Life position performs unexpectedly, TOYOTA 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 TOYOTA will offset losses from the drop in TOYOTA'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 |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |