Correlation Between Sun Life and PHN Multi
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By analyzing existing cross correlation between Sun Life Financial and PHN Multi Style All Cap, you can compare the effects of market volatilities on Sun Life and PHN Multi 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 Life with a short position of PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Life and PHN Multi.
Diversification Opportunities for Sun Life and PHN Multi
Pay attention - limited upside
The 3 months correlation between Sun and PHN is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Sun Life Financial and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style and Sun Life 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 Life Financial are associated (or correlated) with PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of Sun Life i.e., Sun Life and PHN Multi go up and down completely randomly.
Pair Corralation between Sun Life and PHN Multi
Assuming the 90 days trading horizon Sun Life Financial is expected to under-perform the PHN Multi. In addition to that, Sun Life is 1.06 times more volatile than PHN Multi Style All Cap. It trades about -0.03 of its total potential returns per unit of risk. PHN Multi Style All Cap is currently generating about 0.3 per unit of volatility. If you would invest 2,579 in PHN Multi Style All Cap on September 11, 2024 and sell it today you would earn a total of 351.00 from holding PHN Multi Style All Cap or generate 13.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Sun Life Financial vs. PHN Multi Style All Cap
Performance |
Timeline |
Sun Life Financial |
PHN Multi Style |
Sun Life and PHN Multi Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sun Life and PHN Multi
The main advantage of trading using opposite Sun Life and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Life position performs unexpectedly, PHN Multi 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 PHN Multi will offset losses from the drop in PHN Multi's long position.Sun Life vs. Andlauer Healthcare Gr | Sun Life vs. Constellation Software | Sun Life vs. UnitedHealth Group CDR | Sun Life vs. Jamieson Wellness |
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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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