Correlation Between Sun Country and SUMIBK
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By analyzing existing cross correlation between Sun Country Airlines and SUMIBK 5766 13 JAN 33, you can compare the effects of market volatilities on Sun Country 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 Sun Country with a short position of SUMIBK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Country and SUMIBK.
Diversification Opportunities for Sun Country and SUMIBK
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sun and SUMIBK is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Sun Country Airlines 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 Sun Country 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 Sun Country Airlines 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 Sun Country i.e., Sun Country and SUMIBK go up and down completely randomly.
Pair Corralation between Sun Country and SUMIBK
Given the investment horizon of 90 days Sun Country Airlines is expected to generate 6.87 times more return on investment than SUMIBK. However, Sun Country is 6.87 times more volatile than SUMIBK 5766 13 JAN 33. It trades about 0.07 of its potential returns per unit of risk. SUMIBK 5766 13 JAN 33 is currently generating about -0.03 per unit of risk. If you would invest 1,428 in Sun Country Airlines on December 4, 2024 and sell it today you would earn a total of 140.00 from holding Sun Country Airlines or generate 9.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 84.75% |
Values | Daily Returns |
Sun Country Airlines vs. SUMIBK 5766 13 JAN 33
Performance |
Timeline |
Sun Country Airlines |
SUMIBK 5766 13 |
Sun Country and SUMIBK Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sun Country and SUMIBK
The main advantage of trading using opposite Sun Country and SUMIBK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Country 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.Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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