Correlation Between Sun Country and GasLog
Can any of the company-specific risk be diversified away by investing in both Sun Country and GasLog 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 GasLog 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 GasLog, you can compare the effects of market volatilities on Sun Country and GasLog 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 GasLog. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and GasLog.
Diversification Opportunities for Sun Country and GasLog
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sun and GasLog is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and GasLog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GasLog 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 GasLog. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GasLog has no effect on the direction of Sun Country i.e., Sun Country and GasLog go up and down completely randomly.
Pair Corralation between Sun Country and GasLog
If you would invest (100.00) in GasLog on September 12, 2024 and sell it today you would earn a total of 100.00 from holding GasLog or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Sun Country Airlines vs. GasLog
Performance |
| Timeline |
| Sun Country Airlines |
| GasLog |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sun Country and GasLog Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and GasLog
The main advantage of trading using opposite Sun Country and GasLog positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, GasLog 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 GasLog will offset losses from the drop in GasLog's long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| GasLog vs. Forsys Metals Corp | GasLog vs. Payoneer Global | GasLog vs. Minerals Technologies | GasLog vs. Agnico Eagle Mines |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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