Correlation Between SunCoke Energy and Sk3
Can any of the company-specific risk be diversified away by investing in both SunCoke Energy and Sk3 at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SunCoke Energy and Sk3 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunCoke Energy and Sk3 Group, you can compare the effects of market volatilities on SunCoke Energy and Sk3 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 SunCoke Energy with a short position of Sk3. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunCoke Energy and Sk3.
Diversification Opportunities for SunCoke Energy and Sk3
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SunCoke and Sk3 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SunCoke Energy and Sk3 Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sk3 Group and SunCoke Energy 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 SunCoke Energy are associated (or correlated) with Sk3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sk3 Group has no effect on the direction of SunCoke Energy i.e., SunCoke Energy and Sk3 go up and down completely randomly.
Pair Corralation between SunCoke Energy and Sk3
If you would invest (100.00) in Sk3 Group on November 22, 2024 and sell it today you would earn a total of 100.00 from holding Sk3 Group or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
SunCoke Energy vs. Sk3 Group
Performance |
Timeline |
SunCoke Energy |
Sk3 Group |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
SunCoke Energy and Sk3 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SunCoke Energy and Sk3
The main advantage of trading using opposite SunCoke Energy and Sk3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunCoke Energy position performs unexpectedly, Sk3 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 Sk3 will offset losses from the drop in Sk3's long position.SunCoke Energy vs. Warrior Met Coal | ||
SunCoke Energy vs. Alpha Metallurgical Resources | ||
SunCoke Energy vs. American Resources Corp | ||
SunCoke Energy vs. Ramaco Resources |
Sk3 vs. Alternative Energy | ||
Sk3 vs. Creative Edge Nutrit | ||
Sk3 vs. Anything Tech Media | ||
Sk3 vs. Fusion Pharm |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |