Correlation Between SunLink Health and ONEOK
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By analyzing existing cross correlation between SunLink Health Systems and ONEOK INC NEW, you can compare the effects of market volatilities on SunLink Health and ONEOK 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 ONEOK. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and ONEOK.
Diversification Opportunities for SunLink Health and ONEOK
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between SunLink and ONEOK is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and ONEOK INC NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONEOK INC NEW 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 ONEOK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONEOK INC NEW has no effect on the direction of SunLink Health i.e., SunLink Health and ONEOK go up and down completely randomly.
Pair Corralation between SunLink Health and ONEOK
Considering the 90-day investment horizon SunLink Health Systems is expected to generate 4.3 times more return on investment than ONEOK. However, SunLink Health is 4.3 times more volatile than ONEOK INC NEW. It trades about 0.08 of its potential returns per unit of risk. ONEOK INC NEW is currently generating about -0.04 per unit of risk. If you would invest 60.00 in SunLink Health Systems on September 1, 2024 and sell it today you would earn a total of 26.00 from holding SunLink Health Systems or generate 43.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 88.1% |
| Values | Daily Returns |
SunLink Health Systems vs. ONEOK INC NEW
Performance |
| Timeline |
| SunLink Health Systems |
| ONEOK INC NEW |
SunLink Health and ONEOK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and ONEOK
The main advantage of trading using opposite SunLink Health and ONEOK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, ONEOK 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 ONEOK will offset losses from the drop in ONEOK'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 |
| ONEOK vs. Apogee Enterprises | ONEOK vs. Insteel Industries | ONEOK vs. Yuexiu Transport Infrastructure | ONEOK vs. Fossil Group |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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