Correlation Between APACHE and Sun Country
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By analyzing existing cross correlation between APACHE P 6 and Sun Country Airlines, you can compare the effects of market volatilities on APACHE and Sun Country 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 APACHE with a short position of Sun Country. Check out your portfolio center. Please also check ongoing floating volatility patterns of APACHE and Sun Country.
Diversification Opportunities for APACHE and Sun Country
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between APACHE and Sun is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding APACHE P 6 and Sun Country Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sun Country Airlines and APACHE 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 APACHE P 6 are associated (or correlated) with Sun Country. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sun Country Airlines has no effect on the direction of APACHE i.e., APACHE and Sun Country go up and down completely randomly.
Pair Corralation between APACHE and Sun Country
Assuming the 90 days trading horizon APACHE P 6 is expected to generate 15.93 times more return on investment than Sun Country. However, APACHE is 15.93 times more volatile than Sun Country Airlines. It trades about 0.05 of its potential returns per unit of risk. Sun Country Airlines is currently generating about 0.02 per unit of risk. If you would invest 9,202 in APACHE P 6 on September 18, 2024 and sell it today you would earn a total of 1,169 from holding APACHE P 6 or generate 12.7% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 82.46% |
Values | Daily Returns |
APACHE P 6 vs. Sun Country Airlines
Performance |
Timeline |
APACHE P 6 |
Sun Country Airlines |
APACHE and Sun Country Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with APACHE and Sun Country
The main advantage of trading using opposite APACHE and Sun Country positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APACHE position performs unexpectedly, Sun Country 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 Sun Country will offset losses from the drop in Sun Country's long position.APACHE vs. Sun Country Airlines | APACHE vs. Saia Inc | APACHE vs. TFI International | APACHE vs. Apogee Enterprises |
Sun Country vs. JetBlue Airways Corp | Sun Country vs. Allegiant Travel | Sun Country vs. Copa Holdings SA | Sun Country vs. SkyWest |
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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