Correlation Between CYBERDYNE and UNITEDHEALTH
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By analyzing existing cross correlation between CYBERDYNE and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on CYBERDYNE 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 CYBERDYNE with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of CYBERDYNE and UNITEDHEALTH.
Diversification Opportunities for CYBERDYNE and UNITEDHEALTH
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CYBERDYNE and UNITEDHEALTH is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding CYBERDYNE 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 CYBERDYNE 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 CYBERDYNE 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 CYBERDYNE i.e., CYBERDYNE and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between CYBERDYNE and UNITEDHEALTH
Assuming the 90 days horizon CYBERDYNE is expected to generate 10.11 times more return on investment than UNITEDHEALTH. However, CYBERDYNE is 10.11 times more volatile than UNITEDHEALTH GROUP INC. It trades about 0.22 of its potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about -0.22 per unit of risk. If you would invest 107.00 in CYBERDYNE on December 14, 2024 and sell it today you would earn a total of 23.00 from holding CYBERDYNE or generate 21.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
CYBERDYNE vs. UNITEDHEALTH GROUP INC
Performance |
| Timeline |
| CYBERDYNE |
| UNITEDHEALTH GROUP INC |
CYBERDYNE and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CYBERDYNE and UNITEDHEALTH
The main advantage of trading using opposite CYBERDYNE and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CYBERDYNE 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.The idea behind CYBERDYNE 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.| UNITEDHEALTH vs. Ambev SA ADR | ||
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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