Correlation Between Sun Country and MQGAU
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By analyzing existing cross correlation between Sun Country Airlines and MQGAU 2871 14 JAN 33, you can compare the effects of market volatilities on Sun Country and MQGAU 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 MQGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and MQGAU.
Diversification Opportunities for Sun Country and MQGAU
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sun and MQGAU is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and MQGAU 2871 14 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 2871 14 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 MQGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MQGAU 2871 14 has no effect on the direction of Sun Country i.e., Sun Country and MQGAU go up and down completely randomly.
Pair Corralation between Sun Country and MQGAU
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 1.81 times more return on investment than MQGAU. However, Sun Country is 1.81 times more volatile than MQGAU 2871 14 JAN 33. It trades about 0.15 of its potential returns per unit of risk. MQGAU 2871 14 JAN 33 is currently generating about -0.16 per unit of risk. If you would invest 1,117 in Sun Country Airlines on September 12, 2024 and sell it today you would earn a total of 396.00 from holding Sun Country Airlines or generate 35.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 65.63% |
| Values | Daily Returns |
Sun Country Airlines vs. MQGAU 2871 14 JAN 33
Performance |
| Timeline |
| Sun Country Airlines |
| MQGAU 2871 14 |
Sun Country and MQGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and MQGAU
The main advantage of trading using opposite Sun Country and MQGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, MQGAU 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 MQGAU will offset losses from the drop in MQGAU'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 |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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