Correlation Between SUMIBK and Sun Country
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By analyzing existing cross correlation between SUMIBK 5766 13 JAN 33 and Sun Country Airlines, you can compare the effects of market volatilities on SUMIBK 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 SUMIBK with a short position of Sun Country. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUMIBK and Sun Country.
Diversification Opportunities for SUMIBK and Sun Country
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SUMIBK and Sun is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding SUMIBK 5766 13 JAN 33 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 SUMIBK 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 SUMIBK 5766 13 JAN 33 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 SUMIBK i.e., SUMIBK and Sun Country go up and down completely randomly.
Pair Corralation between SUMIBK and Sun Country
Assuming the 90 days trading horizon SUMIBK 5766 13 JAN 33 is expected to generate 0.12 times more return on investment than Sun Country. However, SUMIBK 5766 13 JAN 33 is 8.11 times less risky than Sun Country. It trades about 0.02 of its potential returns per unit of risk. Sun Country Airlines is currently generating about -0.04 per unit of risk. If you would invest 10,321 in SUMIBK 5766 13 JAN 33 on December 29, 2024 and sell it today you would earn a total of 41.00 from holding SUMIBK 5766 13 JAN 33 or generate 0.4% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 83.61% |
Values | Daily Returns |
SUMIBK 5766 13 JAN 33 vs. Sun Country Airlines
Performance |
Timeline |
SUMIBK 5766 13 |
Sun Country Airlines |
SUMIBK and Sun Country Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with SUMIBK and Sun Country
The main advantage of trading using opposite SUMIBK and Sun Country positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUMIBK 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.SUMIBK vs. Todos Medical | SUMIBK vs. Aquestive Therapeutics | SUMIBK vs. Alphatec Holdings | SUMIBK vs. Alto Ingredients |
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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