Correlation Between 29670GAF9 and Sun Life
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By analyzing existing cross correlation between WTRG 24 01 MAY 31 and Sun Life Financial, you can compare the effects of market volatilities on 29670GAF9 and Sun Life 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 29670GAF9 with a short position of Sun Life. Check out your portfolio center. Please also check ongoing floating volatility patterns of 29670GAF9 and Sun Life.
Diversification Opportunities for 29670GAF9 and Sun Life
Very good diversification
The 3 months correlation between 29670GAF9 and Sun is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding WTRG 24 01 MAY 31 and Sun Life Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sun Life Financial and 29670GAF9 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 WTRG 24 01 MAY 31 are associated (or correlated) with Sun Life. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sun Life Financial has no effect on the direction of 29670GAF9 i.e., 29670GAF9 and Sun Life go up and down completely randomly.
Pair Corralation between 29670GAF9 and Sun Life
Assuming the 90 days trading horizon WTRG 24 01 MAY 31 is expected to under-perform the Sun Life. In addition to that, 29670GAF9 is 1.5 times more volatile than Sun Life Financial. It trades about -0.3 of its total potential returns per unit of risk. Sun Life Financial is currently generating about -0.15 per unit of volatility. If you would invest 6,098 in Sun Life Financial on September 25, 2024 and sell it today you would lose (167.00) from holding Sun Life Financial or give up 2.74% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 52.38% |
Values | Daily Returns |
WTRG 24 01 MAY 31 vs. Sun Life Financial
Performance |
Timeline |
WTRG 24 01 |
Sun Life Financial |
29670GAF9 and Sun Life Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 29670GAF9 and Sun Life
The main advantage of trading using opposite 29670GAF9 and Sun Life positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 29670GAF9 position performs unexpectedly, Sun Life 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 Life will offset losses from the drop in Sun Life's long position.29670GAF9 vs. Sun Life Financial | 29670GAF9 vs. QBE Insurance Group | 29670GAF9 vs. Cincinnati Financial | 29670GAF9 vs. GoHealth |
Sun Life vs. Axa Equitable Holdings | Sun Life vs. American International Group | Sun Life vs. Old Republic International | Sun Life vs. Hartford Financial Services |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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