Correlation Between Sun Country and GBLATL
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By analyzing existing cross correlation between Sun Country Airlines and GBLATL 1625 15 JAN 26, you can compare the effects of market volatilities on Sun Country and GBLATL 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 GBLATL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and GBLATL.
Diversification Opportunities for Sun Country and GBLATL
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sun and GBLATL is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and GBLATL 1625 15 JAN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GBLATL 1625 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 GBLATL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GBLATL 1625 15 has no effect on the direction of Sun Country i.e., Sun Country and GBLATL go up and down completely randomly.
Pair Corralation between Sun Country and GBLATL
Given the investment horizon of 90 days Sun Country Airlines is expected to under-perform the GBLATL. In addition to that, Sun Country is 3.58 times more volatile than GBLATL 1625 15 JAN 26. It trades about -0.01 of its total potential returns per unit of risk. GBLATL 1625 15 JAN 26 is currently generating about -0.01 per unit of volatility. If you would invest 9,092 in GBLATL 1625 15 JAN 26 on September 4, 2024 and sell it today you would lose (124.00) from holding GBLATL 1625 15 JAN 26 or give up 1.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 43.72% |
| Values | Daily Returns |
Sun Country Airlines vs. GBLATL 1625 15 JAN 26
Performance |
| Timeline |
| Sun Country Airlines |
| GBLATL 1625 15 |
Sun Country and GBLATL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and GBLATL
The main advantage of trading using opposite Sun Country and GBLATL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, GBLATL 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 GBLATL will offset losses from the drop in GBLATL's long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
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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