Correlation Between Sun Country and 126408HU0
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By analyzing existing cross correlation between Sun Country Airlines and CSX 41 15 NOV 32, you can compare the effects of market volatilities on Sun Country and 126408HU0 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 126408HU0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and 126408HU0.
Diversification Opportunities for Sun Country and 126408HU0
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sun and 126408HU0 is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and CSX 41 15 NOV 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSX 41 15 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 126408HU0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSX 41 15 has no effect on the direction of Sun Country i.e., Sun Country and 126408HU0 go up and down completely randomly.
Pair Corralation between Sun Country and 126408HU0
Given the investment horizon of 90 days Sun Country Airlines is expected to generate about the same return on investment as CSX 41 15 NOV 32. However, Sun Country is 4.12 times more volatile than CSX 41 15 NOV 32. It trades about 0.0 of its potential returns per unit of risk. CSX 41 15 NOV 32 is currently producing about 0.0 per unit of risk. If you would invest 9,574 in CSX 41 15 NOV 32 on September 2, 2024 and sell it today you would lose (248.00) from holding CSX 41 15 NOV 32 or give up 2.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.17% |
| Values | Daily Returns |
Sun Country Airlines vs. CSX 41 15 NOV 32
Performance |
| Timeline |
| Sun Country Airlines |
| CSX 41 15 |
Sun Country and 126408HU0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and 126408HU0
The main advantage of trading using opposite Sun Country and 126408HU0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, 126408HU0 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 126408HU0 will offset losses from the drop in 126408HU0's long position.| Sun Country vs. Canadian Pacific Railway | Sun Country vs. Werner Enterprises | Sun Country vs. Canadian National Railway | Sun Country vs. CSX Corporation |
| 126408HU0 vs. Sun Country Airlines | 126408HU0 vs. Hafnia Limited | 126408HU0 vs. Ryanair Holdings PLC | 126408HU0 vs. Emerson Electric |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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