Correlation Between Leafly Holdings and SunLink Health
Can any of the company-specific risk be diversified away by investing in both Leafly Holdings 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 Leafly Holdings and SunLink Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Leafly Holdings and SunLink Health Systems, you can compare the effects of market volatilities on Leafly Holdings 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 Leafly Holdings with a short position of SunLink Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Leafly Holdings and SunLink Health.
Diversification Opportunities for Leafly Holdings and SunLink Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Leafly and SunLink is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Leafly Holdings 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 Leafly Holdings 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 Leafly Holdings 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 Leafly Holdings i.e., Leafly Holdings and SunLink Health go up and down completely randomly.
Pair Corralation between Leafly Holdings and SunLink Health
If you would invest 85.00 in SunLink Health Systems on November 18, 2024 and sell it today you would earn a total of 11.00 from holding SunLink Health Systems or generate 12.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Leafly Holdings vs. SunLink Health Systems
Performance |
| Timeline |
| Leafly Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| SunLink Health Systems |
Leafly Holdings and SunLink Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Leafly Holdings and SunLink Health
The main advantage of trading using opposite Leafly Holdings and SunLink Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Leafly Holdings 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.| Leafly Holdings vs. Kiaro Holdings Corp | Leafly Holdings vs. Allstar Health Brands | Leafly Holdings vs. China Jo Jo Drugstores |
| SunLink Health vs. Allstar Health Brands | SunLink Health vs. Kiaro Holdings Corp | SunLink Health vs. China Jo Jo Drugstores | SunLink Health vs. PetMed Express |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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