Correlation Between Haymaker Acquisition and SunLink Health
Can any of the company-specific risk be diversified away by investing in both Haymaker Acquisition and SunLink Health 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 Haymaker Acquisition and SunLink Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haymaker Acquisition Corp and SunLink Health Systems, you can compare the effects of market volatilities on Haymaker Acquisition and SunLink Health 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 Haymaker Acquisition with a short position of SunLink Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haymaker Acquisition and SunLink Health.
Diversification Opportunities for Haymaker Acquisition and SunLink Health
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Haymaker and SunLink is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Haymaker Acquisition Corp and SunLink Health Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SunLink Health Systems and Haymaker Acquisition 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 Haymaker Acquisition Corp are associated (or correlated) with SunLink Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SunLink Health Systems has no effect on the direction of Haymaker Acquisition i.e., Haymaker Acquisition and SunLink Health go up and down completely randomly.
Pair Corralation between Haymaker Acquisition and SunLink Health
Given the investment horizon of 90 days Haymaker Acquisition Corp is expected to generate 0.03 times more return on investment than SunLink Health. However, Haymaker Acquisition Corp is 29.11 times less risky than SunLink Health. It trades about 0.15 of its potential returns per unit of risk. SunLink Health Systems is currently generating about -0.02 per unit of risk. If you would invest 1,070 in Haymaker Acquisition Corp on September 12, 2024 and sell it today you would earn a total of 6.00 from holding Haymaker Acquisition Corp or generate 0.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haymaker Acquisition Corp vs. SunLink Health Systems
Performance |
| Timeline |
| Haymaker Acquisition Corp |
| SunLink Health Systems |
Haymaker Acquisition and SunLink Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haymaker Acquisition and SunLink Health
The main advantage of trading using opposite Haymaker Acquisition and SunLink Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haymaker Acquisition position performs unexpectedly, SunLink Health 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 SunLink Health will offset losses from the drop in SunLink Health's long position.| Haymaker Acquisition vs. Trupanion | Haymaker Acquisition vs. Assurant | Haymaker Acquisition vs. Boston Beer | Haymaker Acquisition vs. NI Holdings |
| SunLink Health vs. Leafly Holdings | SunLink Health vs. Allstar Health Brands | SunLink Health vs. Leafly Holdings | SunLink Health vs. Kiaro Holdings Corp |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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