Correlation Between Sun Country and 665859AX2
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By analyzing existing cross correlation between Sun Country Airlines and NTRS 6125 02 NOV 32, you can compare the effects of market volatilities on Sun Country and 665859AX2 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 665859AX2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and 665859AX2.
Diversification Opportunities for Sun Country and 665859AX2
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sun and 665859AX2 is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and NTRS 6125 02 NOV 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NTRS 6125 02 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 665859AX2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NTRS 6125 02 has no effect on the direction of Sun Country i.e., Sun Country and 665859AX2 go up and down completely randomly.
Pair Corralation between Sun Country and 665859AX2
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 5.3 times more return on investment than 665859AX2. However, Sun Country is 5.3 times more volatile than NTRS 6125 02 NOV 32. It trades about 0.09 of its potential returns per unit of risk. NTRS 6125 02 NOV 32 is currently generating about 0.02 per unit of risk. If you would invest 1,021 in Sun Country Airlines on August 28, 2024 and sell it today you would earn a total of 384.00 from holding Sun Country Airlines or generate 37.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.21% |
| Values | Daily Returns |
Sun Country Airlines vs. NTRS 6125 02 NOV 32
Performance |
| Timeline |
| Sun Country Airlines |
| NTRS 6125 02 |
Sun Country and 665859AX2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and 665859AX2
The main advantage of trading using opposite Sun Country and 665859AX2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, 665859AX2 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 665859AX2 will offset losses from the drop in 665859AX2's long position.| Sun Country vs. Spirit Airlines | Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA |
| 665859AX2 vs. JD Sports Fashion | 665859AX2 vs. Bright Scholar Education | 665859AX2 vs. United Parks Resorts | 665859AX2 vs. Sun Country Airlines |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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