Correlation Between Sun Country and GLENLN
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By analyzing existing cross correlation between Sun Country Airlines and GLENLN 1625 27 APR 26, you can compare the effects of market volatilities on Sun Country and GLENLN 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 GLENLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and GLENLN.
Diversification Opportunities for Sun Country and GLENLN
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sun and GLENLN is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and GLENLN 1625 27 APR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLENLN 1625 27 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 GLENLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLENLN 1625 27 has no effect on the direction of Sun Country i.e., Sun Country and GLENLN go up and down completely randomly.
Pair Corralation between Sun Country and GLENLN
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 3.45 times more return on investment than GLENLN. However, Sun Country is 3.45 times more volatile than GLENLN 1625 27 APR 26. It trades about -0.01 of its potential returns per unit of risk. GLENLN 1625 27 APR 26 is currently generating about -0.22 per unit of risk. If you would invest 1,552 in Sun Country Airlines on September 13, 2024 and sell it today you would lose (26.00) from holding Sun Country Airlines or give up 1.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 68.18% |
| Values | Daily Returns |
Sun Country Airlines vs. GLENLN 1625 27 APR 26
Performance |
| Timeline |
| Sun Country Airlines |
| GLENLN 1625 27 |
Sun Country and GLENLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and GLENLN
The main advantage of trading using opposite Sun Country and GLENLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, GLENLN 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 GLENLN will offset losses from the drop in GLENLN'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 |
| GLENLN vs. Kulicke and Soffa | GLENLN vs. LithiumBank Resources Corp | GLENLN vs. Siriuspoint | GLENLN vs. AmTrust Financial Services |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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