Correlation Between Sun Country and AcuityAds Holdings
Can any of the company-specific risk be diversified away by investing in both Sun Country and AcuityAds Holdings 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 AcuityAds Holdings 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 AcuityAds Holdings, you can compare the effects of market volatilities on Sun Country and AcuityAds Holdings 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 AcuityAds Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and AcuityAds Holdings.
Diversification Opportunities for Sun Country and AcuityAds Holdings
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sun and AcuityAds is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and AcuityAds Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AcuityAds Holdings 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 AcuityAds Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AcuityAds Holdings has no effect on the direction of Sun Country i.e., Sun Country and AcuityAds Holdings go up and down completely randomly.
Pair Corralation between Sun Country and AcuityAds Holdings
If you would invest 178.00 in AcuityAds Holdings on September 5, 2024 and sell it today you would earn a total of 0.00 from holding AcuityAds Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Sun Country Airlines vs. AcuityAds Holdings
Performance |
| Timeline |
| Sun Country Airlines |
| AcuityAds Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sun Country and AcuityAds Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and AcuityAds Holdings
The main advantage of trading using opposite Sun Country and AcuityAds Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, AcuityAds Holdings 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 AcuityAds Holdings will offset losses from the drop in AcuityAds Holdings' long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| AcuityAds Holdings vs. WiMi Hologram Cloud | AcuityAds Holdings vs. Integral Ad Science | AcuityAds Holdings vs. Aquestive Therapeutics | AcuityAds Holdings vs. BOS Better Online |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |