Correlation Between Commander Resources and UNITEDHEALTH

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Can any of the company-specific risk be diversified away by investing in both Commander Resources and UNITEDHEALTH 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 Commander Resources and UNITEDHEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Commander Resources and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Commander Resources 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 Commander Resources with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Commander Resources and UNITEDHEALTH.

Diversification Opportunities for Commander Resources and UNITEDHEALTH

0.18
  Correlation Coefficient

Average diversification

The 3 months correlation between Commander and UNITEDHEALTH is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Commander Resources 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 Commander Resources 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 Commander Resources 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 Commander Resources i.e., Commander Resources and UNITEDHEALTH go up and down completely randomly.

Pair Corralation between Commander Resources and UNITEDHEALTH

If you would invest  8,258  in UNITEDHEALTH GROUP INC on October 23, 2024 and sell it today you would lose (10.00) from holding UNITEDHEALTH GROUP INC or give up 0.12% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy95.0%
ValuesDaily Returns

Commander Resources  vs.  UNITEDHEALTH GROUP INC

 Performance 
       Timeline  
Commander Resources 

Risk-Adjusted Performance

4 of 100

 
Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in Commander Resources are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite nearly conflicting basic indicators, Commander Resources reported solid returns over the last few months and may actually be approaching a breakup point.
UNITEDHEALTH GROUP INC 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Modest
Over the last 90 days UNITEDHEALTH GROUP INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, UNITEDHEALTH is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Commander Resources and UNITEDHEALTH Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Commander Resources and UNITEDHEALTH

The main advantage of trading using opposite Commander Resources and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Commander Resources 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.
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The idea behind Commander Resources and UNITEDHEALTH GROUP INC 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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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.

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