Correlation Between Sun Life and CROWN
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By analyzing existing cross correlation between Sun Life Financial and CROWN CASTLE INTERNATIONAL, you can compare the effects of market volatilities on Sun Life and CROWN 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 CROWN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sun Life and CROWN.
Diversification Opportunities for Sun Life and CROWN
Very good diversification
The 3 months correlation between Sun and CROWN is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Sun Life Financial and CROWN CASTLE INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CROWN CASTLE INTERNA 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 CROWN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CROWN CASTLE INTERNA has no effect on the direction of Sun Life i.e., Sun Life and CROWN go up and down completely randomly.
Pair Corralation between Sun Life and CROWN
Considering the 90-day investment horizon Sun Life Financial is expected to generate 0.94 times more return on investment than CROWN. However, Sun Life Financial is 1.06 times less risky than CROWN. It trades about 0.14 of its potential returns per unit of risk. CROWN CASTLE INTERNATIONAL is currently generating about -0.13 per unit of risk. If you would invest 5,597 in Sun Life Financial on September 14, 2024 and sell it today you would earn a total of 423.00 from holding Sun Life Financial or generate 7.56% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.31% |
Values | Daily Returns |
Sun Life Financial vs. CROWN CASTLE INTERNATIONAL
Performance |
Timeline |
Sun Life Financial |
CROWN CASTLE INTERNA |
Sun Life and CROWN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sun Life and CROWN
The main advantage of trading using opposite Sun Life and CROWN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sun Life position performs unexpectedly, CROWN 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 CROWN will offset losses from the drop in CROWN's long position.Sun Life vs. Axa Equitable Holdings | Sun Life vs. American International Group | Sun Life vs. Arch Capital Group | Sun Life vs. Old Republic International |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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