Correlation Between SUNOCO and Aegon NV
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By analyzing existing cross correlation between SUNOCO LOGISTICS PARTNERS and Aegon NV ADR, you can compare the effects of market volatilities on SUNOCO and Aegon NV 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 SUNOCO with a short position of Aegon NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUNOCO and Aegon NV.
Diversification Opportunities for SUNOCO and Aegon NV
Modest diversification
The 3 months correlation between SUNOCO and Aegon is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding SUNOCO LOGISTICS PARTNERS and Aegon NV ADR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aegon NV ADR and SUNOCO 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 SUNOCO LOGISTICS PARTNERS are associated (or correlated) with Aegon NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aegon NV ADR has no effect on the direction of SUNOCO i.e., SUNOCO and Aegon NV go up and down completely randomly.
Pair Corralation between SUNOCO and Aegon NV
Assuming the 90 days trading horizon SUNOCO LOGISTICS PARTNERS is expected to generate 52.96 times more return on investment than Aegon NV. However, SUNOCO is 52.96 times more volatile than Aegon NV ADR. It trades about 0.08 of its potential returns per unit of risk. Aegon NV ADR is currently generating about 0.06 per unit of risk. If you would invest 8,726 in SUNOCO LOGISTICS PARTNERS on November 29, 2024 and sell it today you would earn a total of 8.00 from holding SUNOCO LOGISTICS PARTNERS or generate 0.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 82.79% |
| Values | Daily Returns |
SUNOCO LOGISTICS PARTNERS vs. Aegon NV ADR
Performance |
| Timeline |
| SUNOCO LOGISTICS PARTNERS |
| Aegon NV ADR |
SUNOCO and Aegon NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUNOCO and Aegon NV
The main advantage of trading using opposite SUNOCO and Aegon NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUNOCO position performs unexpectedly, Aegon NV 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 Aegon NV will offset losses from the drop in Aegon NV's long position.| SUNOCO vs. NETGEAR | SUNOCO vs. Westshore Terminals Investment | SUNOCO vs. Amkor Technology | SUNOCO vs. Asure Software |
| Aegon NV vs. Hartford Financial Services | Aegon NV vs. Goosehead Insurance | Aegon NV vs. International General Insurance | Aegon NV vs. Enstar Group Limited |
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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