Correlation Between Skylight Health and Teleflex Incorporated

Can any of the company-specific risk be diversified away by investing in both Skylight Health and Teleflex Incorporated 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 Skylight Health and Teleflex Incorporated into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Skylight Health Group and Teleflex Incorporated, you can compare the effects of market volatilities on Skylight Health and Teleflex Incorporated 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 Skylight Health with a short position of Teleflex Incorporated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skylight Health and Teleflex Incorporated.

Diversification Opportunities for Skylight Health and Teleflex Incorporated

0.0

Correlation Coefficient

Skylight Health  Teleflex Incorporated

Pay attention - limited upside

The 3 months correlation between Skylight and Teleflex is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Skylight Health Group and Teleflex Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teleflex Incorporated and Skylight 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 Skylight Health Group are associated (or correlated) with Teleflex Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teleflex Incorporated has no effect on the direction of Skylight Health i.e., Skylight Health and Teleflex Incorporated go up and down completely randomly.

Pair Corralation between Skylight Health and Teleflex Incorporated

If you would invest  12,991  in Teleflex Incorporated on September 12, 2025 and sell it today you would earn a total of  59.00  from holding Teleflex Incorporated or generate 0.45% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

Skylight Health Group  vs.  Teleflex Incorporated

Skylight Health Group

Risk-Adjusted Performance

Weakest

Over the last 90 days Skylight Health Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Skylight Health is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Teleflex Incorporated

Risk-Adjusted Performance

Weakest

Compared to the overall equity markets, risk-adjusted returns on investments in Teleflex Incorporated are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of fairly strong technical and fundamental indicators, Teleflex Incorporated is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with Skylight Health and Teleflex Incorporated

The main advantage of trading using opposite Skylight Health and Teleflex Incorporated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skylight Health position performs unexpectedly, Teleflex Incorporated 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 Teleflex Incorporated will offset losses from the drop in Teleflex Incorporated's long position.

The idea behind Skylight Health Group and Teleflex Incorporated pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.