Correlation Between SUNOCO and FlyExclusive,

Can any of the company-specific risk be diversified away by investing in both SUNOCO and FlyExclusive, 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 SUNOCO and FlyExclusive, into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between SUNOCO LOGISTICS PARTNERS and flyExclusive,, you can compare the effects of market volatilities on SUNOCO and FlyExclusive, 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 SUNOCO with a short position of FlyExclusive,. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUNOCO and FlyExclusive,.

Diversification Opportunities for SUNOCO and FlyExclusive,

-0.23

Correlation Coefficient

SUNOCO  FlyExclusive,

Very good diversification

The 3 months correlation between SUNOCO and FlyExclusive, is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding SUNOCO LOGISTICS PARTNERS and flyExclusive, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on flyExclusive, and SUNOCO 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 SUNOCO LOGISTICS PARTNERS are associated (or correlated) with FlyExclusive,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of flyExclusive, has no effect on the direction of SUNOCO i.e., SUNOCO and FlyExclusive, go up and down completely randomly.

Pair Corralation between SUNOCO and FlyExclusive,

Assuming the 90 days trading horizon SUNOCO LOGISTICS PARTNERS is expected to under-perform the FlyExclusive,. But the bond apears to be less risky and, when comparing its historical volatility, SUNOCO LOGISTICS PARTNERS is 16.95 times less risky than FlyExclusive,. The bond trades about -0.09 of its potential returns per unit of risk. The flyExclusive, is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  246.00  in flyExclusive, on October 24, 2024 and sell it today you would earn a total of  61.00  from holding flyExclusive, or generate 24.8% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	96.61%
Values	Daily Returns

SUNOCO LOGISTICS PARTNERS  vs.  flyExclusive,

SUNOCO LOGISTICS PARTNERS

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days SUNOCO LOGISTICS PARTNERS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, SUNOCO is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

flyExclusive,

Risk-Adjusted Performance

8 of 100

OK

Compared to the overall equity markets, risk-adjusted returns on investments in flyExclusive, are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. In spite of fairly uncertain basic indicators, FlyExclusive, showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with SUNOCO and FlyExclusive,

The main advantage of trading using opposite SUNOCO and FlyExclusive, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUNOCO position performs unexpectedly, FlyExclusive, 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 FlyExclusive, will offset losses from the drop in FlyExclusive,'s long position.

The idea behind SUNOCO LOGISTICS PARTNERS and flyExclusive, pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.