Correlation Between Sun Country and Flagstar Financial,
Can any of the company-specific risk be diversified away by investing in both Sun Country and Flagstar Financial, 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 Country and Flagstar Financial, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sun Country Airlines and Flagstar Financial,, you can compare the effects of market volatilities on Sun Country and Flagstar Financial, 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 Country with a short position of Flagstar Financial,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and Flagstar Financial,.
Diversification Opportunities for Sun Country and Flagstar Financial,
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sun and Flagstar is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and Flagstar Financial, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flagstar Financial, and Sun Country 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 Country Airlines are associated (or correlated) with Flagstar Financial,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flagstar Financial, has no effect on the direction of Sun Country i.e., Sun Country and Flagstar Financial, go up and down completely randomly.
Pair Corralation between Sun Country and Flagstar Financial,
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 0.99 times more return on investment than Flagstar Financial,. However, Sun Country Airlines is 1.01 times less risky than Flagstar Financial,. It trades about 0.18 of its potential returns per unit of risk. Flagstar Financial, is currently generating about -0.09 per unit of risk. If you would invest 1,233 in Sun Country Airlines on October 24, 2024 and sell it today you would earn a total of 430.00 from holding Sun Country Airlines or generate 34.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sun Country Airlines vs. Flagstar Financial,
Performance |
| Timeline |
| Sun Country Airlines |
| Flagstar Financial, |
Sun Country and Flagstar Financial, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and Flagstar Financial,
The main advantage of trading using opposite Sun Country and Flagstar Financial, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, Flagstar Financial, 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 Flagstar Financial, will offset losses from the drop in Flagstar Financial,'s long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| Flagstar Financial, vs. Coty Inc | Flagstar Financial, vs. Sun Country Airlines | Flagstar Financial, vs. Hooker Furniture | Flagstar Financial, vs. RCI Hospitality Holdings |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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