Correlation Between SunLink Health and UNION
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By analyzing existing cross correlation between SunLink Health Systems and UNION PAC P, you can compare the effects of market volatilities on SunLink Health and UNION 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 UNION. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and UNION.
Diversification Opportunities for SunLink Health and UNION
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between SunLink and UNION is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and UNION PAC P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNION PAC P 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 UNION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNION PAC P has no effect on the direction of SunLink Health i.e., SunLink Health and UNION go up and down completely randomly.
Pair Corralation between SunLink Health and UNION
Considering the 90-day investment horizon SunLink Health Systems is expected to generate 11.03 times more return on investment than UNION. However, SunLink Health is 11.03 times more volatile than UNION PAC P. It trades about 0.01 of its potential returns per unit of risk. UNION PAC P is currently generating about -0.01 per unit of risk. If you would invest 90.00 in SunLink Health Systems on September 14, 2024 and sell it today you would lose (14.00) from holding SunLink Health Systems or give up 15.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
SunLink Health Systems vs. UNION PAC P
Performance |
| Timeline |
| SunLink Health Systems |
| UNION PAC P |
SunLink Health and UNION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and UNION
The main advantage of trading using opposite SunLink Health and UNION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, UNION 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 UNION will offset losses from the drop in UNION'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 |
| UNION vs. Aldel Financial II | UNION vs. BOS Better Online | UNION vs. Alvarium Tiedemann Holdings | UNION vs. Small Cap Premium |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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