Correlation Between SunLink Health and Triller
Can any of the company-specific risk be diversified away by investing in both SunLink Health and Triller 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 SunLink Health and Triller into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunLink Health Systems and Triller Group, you can compare the effects of market volatilities on SunLink Health and Triller 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 SunLink Health with a short position of Triller. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and Triller.
Diversification Opportunities for SunLink Health and Triller
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between SunLink and Triller is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and Triller Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Triller Group and SunLink Health 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 SunLink Health Systems are associated (or correlated) with Triller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Triller Group has no effect on the direction of SunLink Health i.e., SunLink Health and Triller go up and down completely randomly.
Pair Corralation between SunLink Health and Triller
Considering the 90-day investment horizon SunLink Health is expected to generate 37.25 times less return on investment than Triller. But when comparing it to its historical volatility, SunLink Health Systems is 7.91 times less risky than Triller. It trades about 0.03 of its potential returns per unit of risk. Triller Group is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 6.99 in Triller Group on September 13, 2024 and sell it today you would earn a total of 7.01 from holding Triller Group or generate 100.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.98% |
| Values | Daily Returns |
SunLink Health Systems vs. Triller Group
Performance |
| Timeline |
| SunLink Health Systems |
| Triller Group |
SunLink Health and Triller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and Triller
The main advantage of trading using opposite SunLink Health and Triller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, Triller 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 Triller will offset losses from the drop in Triller's long position.| SunLink Health vs. ASGN Inc | SunLink Health vs. Kforce Inc | SunLink Health vs. Kelly Services A | SunLink Health vs. AMN Healthcare Services |
| Triller vs. WPP PLC ADR | Triller vs. Magnite | Triller vs. Valneva SE ADR | Triller vs. SunLink Health Systems |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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