Correlation Between Sun Country and UNION
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By analyzing existing cross correlation between Sun Country Airlines and UNION ELEC 295, you can compare the effects of market volatilities on Sun Country and UNION 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 UNION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and UNION.
Diversification Opportunities for Sun Country and UNION
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sun and UNION is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines and UNION ELEC 295 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNION ELEC 295 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 UNION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNION ELEC 295 has no effect on the direction of Sun Country i.e., Sun Country and UNION go up and down completely randomly.
Pair Corralation between Sun Country and UNION
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 10.52 times more return on investment than UNION. However, Sun Country is 10.52 times more volatile than UNION ELEC 295. It trades about 0.13 of its potential returns per unit of risk. UNION ELEC 295 is currently generating about -0.05 per unit of risk. If you would invest 1,059 in Sun Country Airlines on November 3, 2024 and sell it today you would earn a total of 637.00 from holding Sun Country Airlines or generate 60.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 59.2% |
| Values | Daily Returns |
Sun Country Airlines vs. UNION ELEC 295
Performance |
| Timeline |
| Sun Country Airlines |
| UNION ELEC 295 |
Sun Country and UNION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sun Country and UNION
The main advantage of trading using opposite Sun Country and UNION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country position performs unexpectedly, UNION 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 UNION will offset losses from the drop in UNION's long position.| Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
| UNION vs. Viemed Healthcare | UNION vs. Primo Brands | UNION vs. National Vision Holdings | UNION vs. Vodka Brands Corp |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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