Correlation Between SUMIBK and 00108WAF7
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By analyzing existing cross correlation between SUMIBK 5464 13 JAN 26 and AEP TEX INC, you can compare the effects of market volatilities on SUMIBK and 00108WAF7 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 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUMIBK and 00108WAF7.
Diversification Opportunities for SUMIBK and 00108WAF7
Pay attention - limited upside
The 3 months correlation between SUMIBK and 00108WAF7 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SUMIBK 5464 13 JAN 26 and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC 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 5464 13 JAN 26 are associated (or correlated) with 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of SUMIBK i.e., SUMIBK and 00108WAF7 go up and down completely randomly.
Pair Corralation between SUMIBK and 00108WAF7
If you would invest 7,507 in AEP TEX INC on September 12, 2024 and sell it today you would earn a total of 161.00 from holding AEP TEX INC or generate 2.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.43% |
| Values | Daily Returns |
SUMIBK 5464 13 JAN 26 vs. AEP TEX INC
Performance |
| Timeline |
| SUMIBK 5464 13 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| AEP TEX INC |
SUMIBK and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUMIBK and 00108WAF7
The main advantage of trading using opposite SUMIBK and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUMIBK position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| SUMIBK vs. Lincoln Electric Holdings | SUMIBK vs. Constellation Brands Class | SUMIBK vs. Inter Parfums | SUMIBK vs. Acme United |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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