Correlation Between 842400HN6 and SunLink Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between EIX 345 01 FEB 52 and SunLink Health Systems, you can compare the effects of market volatilities on 842400HN6 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 842400HN6 with a short position of SunLink Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of 842400HN6 and SunLink Health.
Diversification Opportunities for 842400HN6 and SunLink Health
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 842400HN6 and SunLink is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding EIX 345 01 FEB 52 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 842400HN6 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 EIX 345 01 FEB 52 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 842400HN6 i.e., 842400HN6 and SunLink Health go up and down completely randomly.
Pair Corralation between 842400HN6 and SunLink Health
Assuming the 90 days trading horizon EIX 345 01 FEB 52 is expected to under-perform the SunLink Health. But the bond apears to be less risky and, when comparing its historical volatility, EIX 345 01 FEB 52 is 3.54 times less risky than SunLink Health. The bond trades about -0.02 of its potential returns per unit of risk. The SunLink Health Systems is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 80.00 in SunLink Health Systems on September 3, 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 Together |
| Strength | Weak |
| Accuracy | 60.0% |
| Values | Daily Returns |
EIX 345 01 FEB 52 vs. SunLink Health Systems
Performance |
| Timeline |
| EIX 345 01 |
| SunLink Health Systems |
842400HN6 and SunLink Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 842400HN6 and SunLink Health
The main advantage of trading using opposite 842400HN6 and SunLink Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 842400HN6 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.| 842400HN6 vs. SunLink Health Systems | 842400HN6 vs. Meiwu Technology Co | 842400HN6 vs. Sellas Life Sciences | 842400HN6 vs. Titan Machinery |
| 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |