Correlation Between SUNCOR and Esperion Therapeutics
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By analyzing existing cross correlation between SUNCOR ENERGY INC and Esperion Therapeutics, you can compare the effects of market volatilities on SUNCOR and Esperion Therapeutics 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 SUNCOR with a short position of Esperion Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUNCOR and Esperion Therapeutics.
Diversification Opportunities for SUNCOR and Esperion Therapeutics
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SUNCOR and Esperion is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding SUNCOR ENERGY INC and Esperion Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esperion Therapeutics and SUNCOR 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 SUNCOR ENERGY INC are associated (or correlated) with Esperion Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esperion Therapeutics has no effect on the direction of SUNCOR i.e., SUNCOR and Esperion Therapeutics go up and down completely randomly.
Pair Corralation between SUNCOR and Esperion Therapeutics
Assuming the 90 days trading horizon SUNCOR is expected to generate 5.24 times less return on investment than Esperion Therapeutics. But when comparing it to its historical volatility, SUNCOR ENERGY INC is 5.03 times less risky than Esperion Therapeutics. It trades about 0.3 of its potential returns per unit of risk. Esperion Therapeutics is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 203.00 in Esperion Therapeutics on September 2, 2024 and sell it today you would earn a total of 77.00 from holding Esperion Therapeutics or generate 37.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 61.9% |
| Values | Daily Returns |
SUNCOR ENERGY INC vs. Esperion Therapeutics
Performance |
| Timeline |
| SUNCOR ENERGY INC |
| Esperion Therapeutics |
SUNCOR and Esperion Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUNCOR and Esperion Therapeutics
The main advantage of trading using opposite SUNCOR and Esperion Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUNCOR position performs unexpectedly, Esperion Therapeutics 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 Esperion Therapeutics will offset losses from the drop in Esperion Therapeutics' long position.| SUNCOR vs. Esperion Therapeutics | SUNCOR vs. The Joint Corp | SUNCOR vs. Procter Gamble | SUNCOR vs. Xtant Medical Holdings |
| Esperion Therapeutics vs. Elanco Animal Health | Esperion Therapeutics vs. SIGA Technologies | Esperion Therapeutics vs. Catalent | Esperion Therapeutics vs. ANI Pharmaceuticals |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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