Correlation Between Sun Country and Genocea Biosciences
Can any of the company-specific risk be diversified away by investing in both Sun Country and Genocea Biosciences 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 Genocea Biosciences 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 Genocea Biosciences, you can compare the effects of market volatilities on Sun Country and Genocea Biosciences 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 Genocea Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and Genocea Biosciences.
Diversification Opportunities for Sun Country and Genocea Biosciences
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sun and Genocea is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and Genocea Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genocea Biosciences 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 Genocea Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genocea Biosciences has no effect on the direction of Sun Country i.e., Sun Country and Genocea Biosciences go up and down completely randomly.
Pair Corralation between Sun Country and Genocea Biosciences
If you would invest 1,475 in Sun Country Airlines on November 30, 2024 and sell it today you would earn a total of 136.00 from holding Sun Country Airlines or generate 9.22% 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. Genocea Biosciences
Performance |
| Timeline |
| Sun Country Airlines |
| Genocea Biosciences |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Sun Country and Genocea Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and Genocea Biosciences
The main advantage of trading using opposite Sun Country and Genocea Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, Genocea Biosciences 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 Genocea Biosciences will offset losses from the drop in Genocea Biosciences' long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| Genocea Biosciences vs. Analog Devices | Genocea Biosciences vs. Everspin Technologies | Genocea Biosciences vs. Qorvo Inc | Genocea Biosciences vs. MagnaChip Semiconductor |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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