Correlation Between 00751YAJ5 and Sun Life
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By analyzing existing cross correlation between AAP 595 09 MAR 28 and Sun Life Financial, you can compare the effects of market volatilities on 00751YAJ5 and Sun Life 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 00751YAJ5 with a short position of Sun Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00751YAJ5 and Sun Life.
Diversification Opportunities for 00751YAJ5 and Sun Life
Very good diversification
The 3 months correlation between 00751YAJ5 and Sun is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding AAP 595 09 MAR 28 and Sun Life Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sun Life Financial and 00751YAJ5 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 AAP 595 09 MAR 28 are associated (or correlated) with Sun Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sun Life Financial has no effect on the direction of 00751YAJ5 i.e., 00751YAJ5 and Sun Life go up and down completely randomly.
Pair Corralation between 00751YAJ5 and Sun Life
Assuming the 90 days trading horizon 00751YAJ5 is expected to generate 5.58 times less return on investment than Sun Life. But when comparing it to its historical volatility, AAP 595 09 MAR 28 is 1.38 times less risky than Sun Life. It trades about 0.02 of its potential returns per unit of risk. Sun Life Financial is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 4,901 in Sun Life Financial on September 12, 2024 and sell it today you would earn a total of 1,206 from holding Sun Life Financial or generate 24.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.15% |
| Values | Daily Returns |
AAP 595 09 MAR 28 vs. Sun Life Financial
Performance |
| Timeline |
| AAP 595 09 |
| Sun Life Financial |
00751YAJ5 and Sun Life Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00751YAJ5 and Sun Life
The main advantage of trading using opposite 00751YAJ5 and Sun Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00751YAJ5 position performs unexpectedly, Sun Life 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 Sun Life will offset losses from the drop in Sun Life's long position.| 00751YAJ5 vs. Sun Life Financial | 00751YAJ5 vs. Old Republic International | 00751YAJ5 vs. Payoneer Global | 00751YAJ5 vs. Paiute Oil Mining |
| Sun Life vs. Axa Equitable Holdings | Sun Life vs. American International Group | Sun Life vs. Arch Capital Group | Sun Life vs. Old Republic International |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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