Correlation Between SunLink Health and BPCEGP

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both SunLink Health and BPCEGP 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 BPCEGP 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 BPCEGP 1625 14 JAN 25, you can compare the effects of market volatilities on SunLink Health and BPCEGP 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 BPCEGP. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and BPCEGP.

Diversification Opportunities for SunLink Health and BPCEGP

0.08
  Correlation Coefficient

Significant diversification

The 3 months correlation between SunLink and BPCEGP is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and BPCEGP 1625 14 JAN 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BPCEGP 1625 14 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 BPCEGP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BPCEGP 1625 14 has no effect on the direction of SunLink Health i.e., SunLink Health and BPCEGP go up and down completely randomly.

Pair Corralation between SunLink Health and BPCEGP

Considering the 90-day investment horizon SunLink Health Systems is expected to generate 6.55 times more return on investment than BPCEGP. However, SunLink Health is 6.55 times more volatile than BPCEGP 1625 14 JAN 25. It trades about 0.05 of its potential returns per unit of risk. BPCEGP 1625 14 JAN 25 is currently generating about -0.08 per unit of risk. If you would invest  71.00  in SunLink Health Systems on September 3, 2024 and sell it today you would earn a total of  12.00  from holding SunLink Health Systems or generate 16.9% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy39.2%
ValuesDaily Returns

SunLink Health Systems  vs.  BPCEGP 1625 14 JAN 25

 Performance 
       Timeline  
SunLink Health Systems 

Risk-Adjusted Performance

3 of 100

 
Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in SunLink Health Systems are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of fairly conflicting basic indicators, SunLink Health showed solid returns over the last few months and may actually be approaching a breakup point.
BPCEGP 1625 14 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days BPCEGP 1625 14 JAN 25 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for BPCEGP 1625 14 JAN 25 investors.

SunLink Health and BPCEGP Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with SunLink Health and BPCEGP

The main advantage of trading using opposite SunLink Health and BPCEGP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, BPCEGP 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 BPCEGP will offset losses from the drop in BPCEGP's long position.
SunLink Health vs. Leafly Holdings
SunLink Health vs. Allstar Health Brands
SunLink Health vs. Leafly Holdings
SunLink Health vs. Kiaro Holdings Corp
The idea behind SunLink Health Systems and BPCEGP 1625 14 JAN 25 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
BPCEGP vs. AEP TEX INC
BPCEGP vs. US BANK NATIONAL
BPCEGP vs. MetLife
BPCEGP vs. Brera Holdings PLC
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.

Other Complementary Tools

Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios
Idea Analyzer
Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas
Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios
Top Crypto Exchanges
Search and analyze digital assets across top global cryptocurrency exchanges
Pattern Recognition
Use different Pattern Recognition models to time the market across multiple global exchanges


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY