Correlation Between ONCOR and SunLink Health
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By analyzing existing cross correlation between ONCOR ELEC DELIVERY and SunLink Health Systems, you can compare the effects of market volatilities on ONCOR and SunLink Health 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 ONCOR with a short position of SunLink Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of ONCOR and SunLink Health.
Diversification Opportunities for ONCOR and SunLink Health
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between ONCOR and SunLink is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding ONCOR ELEC DELIVERY and SunLink Health Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SunLink Health Systems and ONCOR 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 ONCOR ELEC DELIVERY are associated (or correlated) with SunLink Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SunLink Health Systems has no effect on the direction of ONCOR i.e., ONCOR and SunLink Health go up and down completely randomly.
Pair Corralation between ONCOR and SunLink Health
Assuming the 90 days trading horizon ONCOR ELEC DELIVERY is expected to under-perform the SunLink Health. But the bond apears to be less risky and, when comparing its historical volatility, ONCOR ELEC DELIVERY is 9.57 times less risky than SunLink Health. The bond trades about -0.2 of its potential returns per unit of risk. The SunLink Health Systems is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 80.00 in SunLink Health Systems on September 1, 2024 and sell it today you would earn a total of 6.00 from holding SunLink Health Systems or generate 7.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
ONCOR ELEC DELIVERY vs. SunLink Health Systems
Performance |
| Timeline |
| ONCOR ELEC DELIVERY |
| SunLink Health Systems |
ONCOR and SunLink Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ONCOR and SunLink Health
The main advantage of trading using opposite ONCOR and SunLink Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ONCOR position performs unexpectedly, SunLink Health 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 SunLink Health will offset losses from the drop in SunLink Health's long position.| ONCOR vs. AEP TEX INC | ONCOR vs. US BANK NATIONAL | ONCOR vs. International Business Machines | ONCOR vs. Intel |
| SunLink Health vs. Leafly Holdings | SunLink Health vs. Allstar Health Brands | SunLink Health vs. Leafly Holdings | SunLink Health vs. Kiaro Holdings 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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