Correlation Between Delta Air and SUMIBK
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By analyzing existing cross correlation between Delta Air Lines and SUMIBK 5766 13 JAN 33, you can compare the effects of market volatilities on Delta Air and SUMIBK 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 Delta Air with a short position of SUMIBK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delta Air and SUMIBK.
Diversification Opportunities for Delta Air and SUMIBK
Very good diversification
The 3 months correlation between Delta and SUMIBK is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Delta Air Lines and SUMIBK 5766 13 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMIBK 5766 13 and Delta Air 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 Delta Air Lines are associated (or correlated) with SUMIBK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMIBK 5766 13 has no effect on the direction of Delta Air i.e., Delta Air and SUMIBK go up and down completely randomly.
Pair Corralation between Delta Air and SUMIBK
Considering the 90-day investment horizon Delta Air Lines is expected to under-perform the SUMIBK. In addition to that, Delta Air is 7.61 times more volatile than SUMIBK 5766 13 JAN 33. It trades about -0.16 of its total potential returns per unit of risk. SUMIBK 5766 13 JAN 33 is currently generating about -0.03 per unit of volatility. If you would invest 10,321 in SUMIBK 5766 13 JAN 33 on December 30, 2024 and sell it today you would lose (57.00) from holding SUMIBK 5766 13 JAN 33 or give up 0.55% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 83.87% |
Values | Daily Returns |
Delta Air Lines vs. SUMIBK 5766 13 JAN 33
Performance |
Timeline |
Delta Air Lines |
SUMIBK 5766 13 |
Delta Air and SUMIBK Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Delta Air and SUMIBK
The main advantage of trading using opposite Delta Air and SUMIBK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delta Air position performs unexpectedly, SUMIBK 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 SUMIBK will offset losses from the drop in SUMIBK's long position.Delta Air vs. American Airlines Group | Delta Air vs. Southwest Airlines | Delta Air vs. JetBlue Airways Corp | Delta Air vs. United Airlines Holdings |
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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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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