Correlation Between Sun Country and 90331HPL1
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By analyzing existing cross correlation between Sun Country Airlines and US BANK NATIONAL, you can compare the effects of market volatilities on Sun Country and 90331HPL1 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 90331HPL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and 90331HPL1.
Diversification Opportunities for Sun Country and 90331HPL1
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sun and 90331HPL1 is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and US BANK NATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US BANK NATIONAL 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 90331HPL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US BANK NATIONAL has no effect on the direction of Sun Country i.e., Sun Country and 90331HPL1 go up and down completely randomly.
Pair Corralation between Sun Country and 90331HPL1
Given the investment horizon of 90 days Sun Country is expected to generate 822.69 times less return on investment than 90331HPL1. But when comparing it to its historical volatility, Sun Country Airlines is 31.53 times less risky than 90331HPL1. It trades about 0.0 of its potential returns per unit of risk. US BANK NATIONAL is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 9,556 in US BANK NATIONAL on September 19, 2024 and sell it today you would lose (9.00) from holding US BANK NATIONAL or give up 0.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 64.0% |
| Values | Daily Returns |
Sun Country Airlines vs. US BANK NATIONAL
Performance |
| Timeline |
| Sun Country Airlines |
| US BANK NATIONAL |
Sun Country and 90331HPL1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and 90331HPL1
The main advantage of trading using opposite Sun Country and 90331HPL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, 90331HPL1 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 90331HPL1 will offset losses from the drop in 90331HPL1's long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| 90331HPL1 vs. SkyWest | 90331HPL1 vs. Southwest Airlines | 90331HPL1 vs. Sun Country Airlines | 90331HPL1 vs. Inflection Point Acquisition |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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