Correlation Between SunLink Health and Bright Scholar
Can any of the company-specific risk be diversified away by investing in both SunLink Health and Bright Scholar 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 SunLink Health and Bright Scholar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SunLink Health Systems and Bright Scholar Education, you can compare the effects of market volatilities on SunLink Health and Bright Scholar 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 Bright Scholar. Check out your portfolio center. Please also check ongoing floating volatility patterns of SunLink Health and Bright Scholar.
Diversification Opportunities for SunLink Health and Bright Scholar
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SunLink and Bright is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SunLink Health Systems and Bright Scholar Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bright Scholar Education 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 Bright Scholar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bright Scholar Education has no effect on the direction of SunLink Health i.e., SunLink Health and Bright Scholar go up and down completely randomly.
Pair Corralation between SunLink Health and Bright Scholar
If you would invest 0.00 in SunLink Health Systems on June 11, 2025 and sell it today you would earn a total of 0.00 from holding SunLink Health Systems or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.61% |
| Values | Daily Returns |
SunLink Health Systems vs. Bright Scholar Education
Performance |
| Timeline |
| SunLink Health Systems |
Risk-Adjusted Performance
Weakest
Weak | Strong |
| Bright Scholar Education |
SunLink Health and Bright Scholar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SunLink Health and Bright Scholar
The main advantage of trading using opposite SunLink Health and Bright Scholar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SunLink Health position performs unexpectedly, Bright Scholar 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 Bright Scholar will offset losses from the drop in Bright Scholar's long position.| SunLink Health vs. American Shared Hospital | SunLink Health vs. InnSuites Hospitality Trust | SunLink Health vs. Universal Security Instruments | SunLink Health vs. Entera Bio |
| Bright Scholar vs. Sunlands Technology Group | Bright Scholar vs. American Public Education | Bright Scholar vs. Ihuman Inc | Bright Scholar vs. Adtalem Global Education |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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