Correlation Between Sun Country and 01748TAC5
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By analyzing existing cross correlation between Sun Country Airlines and ALLE 5411 01 JUL 32, you can compare the effects of market volatilities on Sun Country and 01748TAC5 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 01748TAC5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and 01748TAC5.
Diversification Opportunities for Sun Country and 01748TAC5
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sun and 01748TAC5 is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and ALLE 5411 01 JUL 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALLE 5411 01 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 01748TAC5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALLE 5411 01 has no effect on the direction of Sun Country i.e., Sun Country and 01748TAC5 go up and down completely randomly.
Pair Corralation between Sun Country and 01748TAC5
Given the investment horizon of 90 days Sun Country is expected to generate 3.23 times less return on investment than 01748TAC5. In addition to that, Sun Country is 8.92 times more volatile than ALLE 5411 01 JUL 32. It trades about 0.01 of its total potential returns per unit of risk. ALLE 5411 01 JUL 32 is currently generating about 0.16 per unit of volatility. If you would invest 10,079 in ALLE 5411 01 JUL 32 on November 29, 2024 and sell it today you would earn a total of 95.00 from holding ALLE 5411 01 JUL 32 or generate 0.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Sun Country Airlines vs. ALLE 5411 01 JUL 32
Performance |
| Timeline |
| Sun Country Airlines |
| ALLE 5411 01 |
Sun Country and 01748TAC5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and 01748TAC5
The main advantage of trading using opposite Sun Country and 01748TAC5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, 01748TAC5 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 01748TAC5 will offset losses from the drop in 01748TAC5's long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| 01748TAC5 vs. BJs Restaurants | 01748TAC5 vs. The Cheesecake Factory | 01748TAC5 vs. SBM Offshore NV | 01748TAC5 vs. Portillos |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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