Correlation Between Sun Summit and United States
Can any of the company-specific risk be diversified away by investing in both Sun Summit and United States at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Sun Summit and United States into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sun Summit Minerals and United States Antimony, you can compare the effects of market volatilities on Sun Summit and United States 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 Summit with a short position of United States. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Summit and United States.
Diversification Opportunities for Sun Summit and United States
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sun and United is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Sun Summit Minerals and United States Antimony in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United States Antimony and Sun Summit 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 Summit Minerals are associated (or correlated) with United States. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United States Antimony has no effect on the direction of Sun Summit i.e., Sun Summit and United States go up and down completely randomly.
Pair Corralation between Sun Summit and United States
Assuming the 90 days horizon Sun Summit Minerals is expected to under-perform the United States. In addition to that, Sun Summit is 1.43 times more volatile than United States Antimony. It trades about -0.28 of its total potential returns per unit of risk. United States Antimony is currently generating about 0.17 per unit of volatility. If you would invest 64.00 in United States Antimony on August 30, 2024 and sell it today you would earn a total of 15.01 from holding United States Antimony or generate 23.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sun Summit Minerals vs. United States Antimony
Performance |
| Timeline |
| Sun Summit Minerals |
| United States Antimony |
Sun Summit and United States Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Summit and United States
The main advantage of trading using opposite Sun Summit and United States positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Summit position performs unexpectedly, United States 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 United States will offset losses from the drop in United States' long position.| Sun Summit vs. Silver Hammer Mining | Sun Summit vs. Reyna Silver Corp | Sun Summit vs. Guanajuato Silver | Sun Summit vs. Silver One Resources |
| United States vs. Syrah Resources Limited | United States vs. Nouveau Monde Graphite | United States vs. Trilogy Metals | United States vs. Global Atomic Corp |
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 CEOs Directory module to screen CEOs from public companies around the world.
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