Correlation Between SUMIBK and Palomar Holdings
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By analyzing existing cross correlation between SUMIBK 2222 17 SEP 31 and Palomar Holdings, you can compare the effects of market volatilities on SUMIBK and Palomar Holdings 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 SUMIBK with a short position of Palomar Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUMIBK and Palomar Holdings.
Diversification Opportunities for SUMIBK and Palomar Holdings
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SUMIBK and Palomar is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding SUMIBK 2222 17 SEP 31 and Palomar Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Palomar Holdings and SUMIBK 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 SUMIBK 2222 17 SEP 31 are associated (or correlated) with Palomar Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Palomar Holdings has no effect on the direction of SUMIBK i.e., SUMIBK and Palomar Holdings go up and down completely randomly.
Pair Corralation between SUMIBK and Palomar Holdings
Assuming the 90 days trading horizon SUMIBK 2222 17 SEP 31 is expected to under-perform the Palomar Holdings. But the bond apears to be less risky and, when comparing its historical volatility, SUMIBK 2222 17 SEP 31 is 2.99 times less risky than Palomar Holdings. The bond trades about 0.0 of its potential returns per unit of risk. The Palomar Holdings is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 6,301 in Palomar Holdings on August 31, 2024 and sell it today you would earn a total of 4,543 from holding Palomar Holdings or generate 72.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 72.69% |
| Values | Daily Returns |
SUMIBK 2222 17 SEP 31 vs. Palomar Holdings
Performance |
| Timeline |
| SUMIBK 2222 17 |
| Palomar Holdings |
SUMIBK and Palomar Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUMIBK and Palomar Holdings
The main advantage of trading using opposite SUMIBK and Palomar Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUMIBK position performs unexpectedly, Palomar Holdings 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 Palomar Holdings will offset losses from the drop in Palomar Holdings' long position.| SUMIBK vs. Dominos Pizza | SUMIBK vs. Westrock Coffee | SUMIBK vs. Kandi Technologies Group | SUMIBK vs. Ziff Davis |
| Palomar Holdings vs. Horace Mann Educators | Palomar Holdings vs. Kemper | Palomar Holdings vs. RLI Corp | Palomar Holdings vs. Global Indemnity PLC |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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