Correlation Between SunLink Health and KINDER
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By analyzing existing cross correlation between SunLink Health Systems and KINDER MORGAN INC, you can compare the effects of market volatilities on SunLink Health and KINDER 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 KINDER. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and KINDER.
Diversification Opportunities for SunLink Health and KINDER
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SunLink and KINDER is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and KINDER MORGAN INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KINDER MORGAN INC 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 KINDER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KINDER MORGAN INC has no effect on the direction of SunLink Health i.e., SunLink Health and KINDER go up and down completely randomly.
Pair Corralation between SunLink Health and KINDER
Considering the 90-day investment horizon SunLink Health Systems is expected to generate 2.44 times more return on investment than KINDER. However, SunLink Health is 2.44 times more volatile than KINDER MORGAN INC. It trades about 0.0 of its potential returns per unit of risk. KINDER MORGAN INC is currently generating about -0.1 per unit of risk. If you would invest 86.00 in SunLink Health Systems on September 5, 2024 and sell it today you would lose (2.00) from holding SunLink Health Systems or give up 2.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 86.36% |
| Values | Daily Returns |
SunLink Health Systems vs. KINDER MORGAN INC
Performance |
| Timeline |
| SunLink Health Systems |
| KINDER MORGAN INC |
SunLink Health and KINDER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and KINDER
The main advantage of trading using opposite SunLink Health and KINDER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, KINDER 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 KINDER will offset losses from the drop in KINDER'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 |
| KINDER vs. Ralph Lauren Corp | KINDER vs. Burlington Stores | KINDER vs. SunLink Health Systems | KINDER vs. Nike Inc |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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