Correlation Between Sun Country and 06051GHX0
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By analyzing existing cross correlation between Sun Country Airlines and BANK OF AMERICA, you can compare the effects of market volatilities on Sun Country and 06051GHX0 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 06051GHX0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and 06051GHX0.
Diversification Opportunities for Sun Country and 06051GHX0
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sun and 06051GHX0 is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and BANK OF AMERICA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK OF AMERICA 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 06051GHX0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK OF AMERICA has no effect on the direction of Sun Country i.e., Sun Country and 06051GHX0 go up and down completely randomly.
Pair Corralation between Sun Country and 06051GHX0
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 1.92 times more return on investment than 06051GHX0. However, Sun Country is 1.92 times more volatile than BANK OF AMERICA. It trades about -0.09 of its potential returns per unit of risk. BANK OF AMERICA is currently generating about -0.23 per unit of risk. If you would invest 1,551 in Sun Country Airlines on September 12, 2024 and sell it today you would lose (81.00) from holding Sun Country Airlines or give up 5.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sun Country Airlines vs. BANK OF AMERICA
Performance |
| Timeline |
| Sun Country Airlines |
| BANK OF AMERICA |
Sun Country and 06051GHX0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and 06051GHX0
The main advantage of trading using opposite Sun Country and 06051GHX0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, 06051GHX0 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 06051GHX0 will offset losses from the drop in 06051GHX0's long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| 06051GHX0 vs. AEP TEX INC | 06051GHX0 vs. US BANK NATIONAL | 06051GHX0 vs. Recursion Pharmaceuticals | 06051GHX0 vs. SoundHound AI |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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