Correlation Between Sonida Senior and DOMINION
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By analyzing existing cross correlation between Sonida Senior Living and DOMINION ENERGY INC, you can compare the effects of market volatilities on Sonida Senior and DOMINION 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 Sonida Senior with a short position of DOMINION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sonida Senior and DOMINION.
Diversification Opportunities for Sonida Senior and DOMINION
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sonida and DOMINION is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Sonida Senior Living and DOMINION ENERGY INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOMINION ENERGY INC and Sonida Senior 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 Sonida Senior Living are associated (or correlated) with DOMINION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOMINION ENERGY INC has no effect on the direction of Sonida Senior i.e., Sonida Senior and DOMINION go up and down completely randomly.
Pair Corralation between Sonida Senior and DOMINION
Given the investment horizon of 90 days Sonida Senior Living is expected to generate 2.33 times more return on investment than DOMINION. However, Sonida Senior is 2.33 times more volatile than DOMINION ENERGY INC. It trades about -0.01 of its potential returns per unit of risk. DOMINION ENERGY INC is currently generating about -0.05 per unit of risk. If you would invest 2,725 in Sonida Senior Living on September 3, 2024 and sell it today you would lose (119.00) from holding Sonida Senior Living or give up 4.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 85.94% |
| Values | Daily Returns |
Sonida Senior Living vs. DOMINION ENERGY INC
Performance |
| Timeline |
| Sonida Senior Living |
| DOMINION ENERGY INC |
Sonida Senior and DOMINION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sonida Senior and DOMINION
The main advantage of trading using opposite Sonida Senior and DOMINION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sonida Senior position performs unexpectedly, DOMINION 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 DOMINION will offset losses from the drop in DOMINION's long position.| Sonida Senior vs. Select Medical Holdings | Sonida Senior vs. Encompass Health Corp | Sonida Senior vs. Pennant Group | Sonida Senior vs. InnovAge Holding Corp |
| DOMINION vs. BRP Inc | DOMINION vs. Dana Inc | DOMINION vs. Sonida Senior Living | DOMINION vs. Viemed Healthcare |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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