Correlation Between SunLink Health and CARPENTER
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By analyzing existing cross correlation between SunLink Health Systems and CARPENTER TECHNOLOGY P, you can compare the effects of market volatilities on SunLink Health and CARPENTER 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 CARPENTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and CARPENTER.
Diversification Opportunities for SunLink Health and CARPENTER
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between SunLink and CARPENTER is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and CARPENTER TECHNOLOGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARPENTER TECHNOLOGY 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 CARPENTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARPENTER TECHNOLOGY has no effect on the direction of SunLink Health i.e., SunLink Health and CARPENTER go up and down completely randomly.
Pair Corralation between SunLink Health and CARPENTER
Considering the 90-day investment horizon SunLink Health Systems is expected to generate 11.6 times more return on investment than CARPENTER. However, SunLink Health is 11.6 times more volatile than CARPENTER TECHNOLOGY P. It trades about 0.03 of its potential returns per unit of risk. CARPENTER TECHNOLOGY P is currently generating about 0.0 per unit of risk. If you would invest 74.00 in SunLink Health Systems on September 13, 2024 and sell it today you would earn a total of 0.10 from holding SunLink Health Systems or generate 0.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.6% |
| Values | Daily Returns |
SunLink Health Systems vs. CARPENTER TECHNOLOGY P
Performance |
| Timeline |
| SunLink Health Systems |
| CARPENTER TECHNOLOGY |
SunLink Health and CARPENTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and CARPENTER
The main advantage of trading using opposite SunLink Health and CARPENTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, CARPENTER 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 CARPENTER will offset losses from the drop in CARPENTER'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 |
| CARPENTER vs. HUTCHMED DRC | CARPENTER vs. The Coca Cola | CARPENTER vs. Amgen Inc | CARPENTER vs. enVVeno Medical 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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