Correlation Between Sun Country and 207597EG6
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By analyzing existing cross correlation between Sun Country Airlines and CONNECTICUT LT PWR, you can compare the effects of market volatilities on Sun Country and 207597EG6 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 207597EG6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and 207597EG6.
Diversification Opportunities for Sun Country and 207597EG6
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sun and 207597EG6 is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and CONNECTICUT LT PWR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONNECTICUT LT PWR 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 207597EG6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONNECTICUT LT PWR has no effect on the direction of Sun Country i.e., Sun Country and 207597EG6 go up and down completely randomly.
Pair Corralation between Sun Country and 207597EG6
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 1.39 times more return on investment than 207597EG6. However, Sun Country is 1.39 times more volatile than CONNECTICUT LT PWR. It trades about 0.01 of its potential returns per unit of risk. CONNECTICUT LT PWR is currently generating about -0.11 per unit of risk. If you would invest 1,531 in Sun Country Airlines on September 14, 2024 and sell it today you would lose (5.00) from holding Sun Country Airlines or give up 0.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 57.14% |
| Values | Daily Returns |
Sun Country Airlines vs. CONNECTICUT LT PWR
Performance |
| Timeline |
| Sun Country Airlines |
| CONNECTICUT LT PWR |
Sun Country and 207597EG6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and 207597EG6
The main advantage of trading using opposite Sun Country and 207597EG6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, 207597EG6 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 207597EG6 will offset losses from the drop in 207597EG6's long position.| Sun Country vs. American Airlines Group | Sun Country vs. Southwest Airlines | Sun Country vs. United Airlines Holdings | Sun Country vs. Frontier Group Holdings |
| 207597EG6 vs. AEP TEX INC | 207597EG6 vs. US BANK NATIONAL | 207597EG6 vs. PayPal Holdings | 207597EG6 vs. Alphabet Inc Class C |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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