Correlation Between Corsair Gaming and SunLink Health
Can any of the company-specific risk be diversified away by investing in both Corsair Gaming and SunLink Health at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Corsair Gaming and SunLink Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corsair Gaming and SunLink Health Systems, you can compare the effects of market volatilities on Corsair Gaming 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 Corsair Gaming with a short position of SunLink Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corsair Gaming and SunLink Health.
Diversification Opportunities for Corsair Gaming and SunLink Health
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Corsair and SunLink is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Corsair Gaming 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 Corsair Gaming 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 Corsair Gaming 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 Corsair Gaming i.e., Corsair Gaming and SunLink Health go up and down completely randomly.
Pair Corralation between Corsair Gaming and SunLink Health
Given the investment horizon of 90 days Corsair Gaming is expected to under-perform the SunLink Health. But the stock apears to be less risky and, when comparing its historical volatility, Corsair Gaming is 1.56 times less risky than SunLink Health. The stock trades about -0.06 of its potential returns per unit of risk. The SunLink Health Systems is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 116.00 in SunLink Health Systems on September 17, 2024 and sell it today you would lose (39.10) from holding SunLink Health Systems or give up 33.71% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Corsair Gaming vs. SunLink Health Systems
Performance |
Timeline |
Corsair Gaming |
SunLink Health Systems |
Corsair Gaming and SunLink Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Corsair Gaming and SunLink Health
The main advantage of trading using opposite Corsair Gaming and SunLink Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corsair Gaming 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.Corsair Gaming vs. Clover Health Investments | ||
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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