Correlation Between SunLink Health and Nok Airlines
Can any of the company-specific risk be diversified away by investing in both SunLink Health and Nok Airlines 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 Nok Airlines 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 Nok Airlines Public, you can compare the effects of market volatilities on SunLink Health and Nok Airlines 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 Nok Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and Nok Airlines.
Diversification Opportunities for SunLink Health and Nok Airlines
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SunLink and Nok is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and Nok Airlines Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nok Airlines Public 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 Nok Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nok Airlines Public has no effect on the direction of SunLink Health i.e., SunLink Health and Nok Airlines go up and down completely randomly.
Pair Corralation between SunLink Health and Nok Airlines
If you would invest 86.00 in SunLink Health Systems on September 3, 2024 and sell it today you would earn a total of 0.00 from holding SunLink Health Systems or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SunLink Health Systems vs. Nok Airlines Public
Performance |
| Timeline |
| SunLink Health Systems |
| Nok Airlines Public |
SunLink Health and Nok Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and Nok Airlines
The main advantage of trading using opposite SunLink Health and Nok Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, Nok Airlines 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 Nok Airlines will offset losses from the drop in Nok Airlines' long position.| SunLink Health vs. Leafly Holdings | SunLink Health vs. Allstar Health Brands | SunLink Health vs. Leafly Holdings | SunLink Health vs. Kiaro Holdings Corp |
| Nok Airlines vs. Finnair Oyj | Nok Airlines vs. easyJet plc | Nok Airlines vs. Norse Atlantic ASA | Nok Airlines vs. Air New Zealand |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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