Correlation Between SunLink Health and 05565QDM7
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By analyzing existing cross correlation between SunLink Health Systems and BP CAP MKTS, you can compare the effects of market volatilities on SunLink Health and 05565QDM7 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 05565QDM7. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and 05565QDM7.
Diversification Opportunities for SunLink Health and 05565QDM7
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between SunLink and 05565QDM7 is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and BP CAP MKTS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BP CAP MKTS 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 05565QDM7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BP CAP MKTS has no effect on the direction of SunLink Health i.e., SunLink Health and 05565QDM7 go up and down completely randomly.
Pair Corralation between SunLink Health and 05565QDM7
Considering the 90-day investment horizon SunLink Health Systems is expected to generate 3.0 times more return on investment than 05565QDM7. However, SunLink Health is 3.0 times more volatile than BP CAP MKTS. It trades about 0.06 of its potential returns per unit of risk. BP CAP MKTS is currently generating about -0.22 per unit of risk. If you would invest 83.00 in SunLink Health Systems on September 2, 2024 and sell it today you would earn a total of 3.00 from holding SunLink Health Systems or generate 3.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
SunLink Health Systems vs. BP CAP MKTS
Performance |
| Timeline |
| SunLink Health Systems |
| BP CAP MKTS |
SunLink Health and 05565QDM7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and 05565QDM7
The main advantage of trading using opposite SunLink Health and 05565QDM7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, 05565QDM7 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 05565QDM7 will offset losses from the drop in 05565QDM7's long position.| SunLink Health vs. Humana Inc | SunLink Health vs. Cigna Corp | SunLink Health vs. Elevance Health | SunLink Health vs. Centene Corp |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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