Correlation Between JPMORGAN and Sun Country
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By analyzing existing cross correlation between JPMORGAN CHASE CO and Sun Country Airlines, you can compare the effects of market volatilities on JPMORGAN and Sun Country 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 JPMORGAN with a short position of Sun Country. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMORGAN and Sun Country.
Diversification Opportunities for JPMORGAN and Sun Country
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JPMORGAN and Sun is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding JPMORGAN CHASE CO and Sun Country Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sun Country Airlines and JPMORGAN 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 JPMORGAN CHASE CO are associated (or correlated) with Sun Country. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sun Country Airlines has no effect on the direction of JPMORGAN i.e., JPMORGAN and Sun Country go up and down completely randomly.
Pair Corralation between JPMORGAN and Sun Country
Assuming the 90 days trading horizon JPMORGAN CHASE CO is expected to under-perform the Sun Country. In addition to that, JPMORGAN is 1.14 times more volatile than Sun Country Airlines. It trades about -0.2 of its total potential returns per unit of risk. Sun Country Airlines is currently generating about -0.07 per unit of volatility. If you would invest 1,510 in Sun Country Airlines on September 2, 2024 and sell it today you would lose (71.00) from holding Sun Country Airlines or give up 4.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
JPMORGAN CHASE CO vs. Sun Country Airlines
Performance |
| Timeline |
| JPMORGAN CHASE CO |
| Sun Country Airlines |
JPMORGAN and Sun Country Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMORGAN and Sun Country
The main advantage of trading using opposite JPMORGAN and Sun Country positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMORGAN position performs unexpectedly, Sun Country 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 Country will offset losses from the drop in Sun Country's long position.| JPMORGAN vs. AEP TEX INC | JPMORGAN vs. US BANK NATIONAL | JPMORGAN vs. American Express | JPMORGAN vs. Chevron Corp |
| Sun Country vs. Canadian Pacific Railway | Sun Country vs. Werner Enterprises | Sun Country vs. Canadian National Railway | Sun Country vs. CSX Corporation |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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