Correlation Between Sonida Senior and STATE
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sonida Senior Living and STATE STREET P, you can compare the effects of market volatilities on Sonida Senior and STATE 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 STATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sonida Senior and STATE.
Diversification Opportunities for Sonida Senior and STATE
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sonida and STATE is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Sonida Senior Living and STATE STREET P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STATE STREET P 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 STATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STATE STREET P has no effect on the direction of Sonida Senior i.e., Sonida Senior and STATE go up and down completely randomly.
Pair Corralation between Sonida Senior and STATE
Given the investment horizon of 90 days Sonida Senior Living is expected to under-perform the STATE. In addition to that, Sonida Senior is 5.56 times more volatile than STATE STREET P. It trades about 0.0 of its total potential returns per unit of risk. STATE STREET P is currently generating about 0.2 per unit of volatility. If you would invest 8,565 in STATE STREET P on September 5, 2024 and sell it today you would earn a total of 191.00 from holding STATE STREET P or generate 2.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.91% |
| Values | Daily Returns |
Sonida Senior Living vs. STATE STREET P
Performance |
| Timeline |
| Sonida Senior Living |
| STATE STREET P |
Sonida Senior and STATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sonida Senior and STATE
The main advantage of trading using opposite Sonida Senior and STATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sonida Senior position performs unexpectedly, STATE 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 STATE will offset losses from the drop in STATE'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 |
| STATE vs. Aquestive Therapeutics | STATE vs. Sonida Senior Living | STATE vs. Merit Medical Systems | STATE vs. Esperion Therapeutics |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |