Correlation Between Sun Country and 78454LAP5
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By analyzing existing cross correlation between Sun Country Airlines and SM ENERGY 6625, you can compare the effects of market volatilities on Sun Country and 78454LAP5 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 78454LAP5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and 78454LAP5.
Diversification Opportunities for Sun Country and 78454LAP5
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sun and 78454LAP5 is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and SM ENERGY 6625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SM ENERGY 6625 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 78454LAP5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SM ENERGY 6625 has no effect on the direction of Sun Country i.e., Sun Country and 78454LAP5 go up and down completely randomly.
Pair Corralation between Sun Country and 78454LAP5
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 6.34 times more return on investment than 78454LAP5. However, Sun Country is 6.34 times more volatile than SM ENERGY 6625. It trades about 0.01 of its potential returns per unit of risk. SM ENERGY 6625 is currently generating about -0.05 per unit of risk. If you would invest 1,588 in Sun Country Airlines on September 12, 2024 and sell it today you would lose (75.00) from holding Sun Country Airlines or give up 4.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Sun Country Airlines vs. SM ENERGY 6625
Performance |
| Timeline |
| Sun Country Airlines |
| SM ENERGY 6625 |
Sun Country and 78454LAP5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and 78454LAP5
The main advantage of trading using opposite Sun Country and 78454LAP5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, 78454LAP5 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 78454LAP5 will offset losses from the drop in 78454LAP5's long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| 78454LAP5 vs. Bright Scholar Education | 78454LAP5 vs. Sun Country Airlines | 78454LAP5 vs. National CineMedia | 78454LAP5 vs. Delek Logistics Partners |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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