Correlation Between Ballys Corp and UNITEDHEALTH
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By analyzing existing cross correlation between Ballys Corp and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Ballys Corp and UNITEDHEALTH 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 Ballys Corp with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ballys Corp and UNITEDHEALTH.
Diversification Opportunities for Ballys Corp and UNITEDHEALTH
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ballys and UNITEDHEALTH is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Ballys Corp and UNITEDHEALTH GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNITEDHEALTH GROUP INC and Ballys Corp 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 Ballys Corp are associated (or correlated) with UNITEDHEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNITEDHEALTH GROUP INC has no effect on the direction of Ballys Corp i.e., Ballys Corp and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between Ballys Corp and UNITEDHEALTH
Given the investment horizon of 90 days Ballys Corp is expected to generate 9.56 times more return on investment than UNITEDHEALTH. However, Ballys Corp is 9.56 times more volatile than UNITEDHEALTH GROUP INC. It trades about 0.08 of its potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about 0.24 per unit of risk. If you would invest 1,572 in Ballys Corp on December 15, 2024 and sell it today you would earn a total of 115.00 from holding Ballys Corp or generate 7.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ballys Corp vs. UNITEDHEALTH GROUP INC
Performance |
| Timeline |
| Ballys Corp |
| UNITEDHEALTH GROUP INC |
Ballys Corp and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ballys Corp and UNITEDHEALTH
The main advantage of trading using opposite Ballys Corp and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ballys Corp position performs unexpectedly, UNITEDHEALTH 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 UNITEDHEALTH will offset losses from the drop in UNITEDHEALTH's long position.| Ballys Corp vs. Monarch Casino Resort | ||
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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