Correlation Between Grupo Carso and UnitedHealth Group
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By analyzing existing cross correlation between Grupo Carso SAB and UnitedHealth Group Incorporated, you can compare the effects of market volatilities on Grupo Carso and UnitedHealth Group 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 Grupo Carso with a short position of UnitedHealth Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Carso and UnitedHealth Group.
Diversification Opportunities for Grupo Carso and UnitedHealth Group
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Grupo and UnitedHealth is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Carso SAB and UnitedHealth Group Incorporate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UnitedHealth Group and Grupo Carso 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 Grupo Carso SAB are associated (or correlated) with UnitedHealth Group. 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 has no effect on the direction of Grupo Carso i.e., Grupo Carso and UnitedHealth Group go up and down completely randomly.
Pair Corralation between Grupo Carso and UnitedHealth Group
Assuming the 90 days trading horizon Grupo Carso SAB is expected to under-perform the UnitedHealth Group. But the stock apears to be less risky and, when comparing its historical volatility, Grupo Carso SAB is 1.24 times less risky than UnitedHealth Group. The stock trades about -0.02 of its potential returns per unit of risk. The UnitedHealth Group Incorporated is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,110,743 in UnitedHealth Group Incorporated on October 24, 2024 and sell it today you would lose (28,243) from holding UnitedHealth Group Incorporated or give up 2.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Carso SAB vs. UnitedHealth Group Incorporate
Performance |
| Timeline |
| Grupo Carso SAB |
| UnitedHealth Group |
Grupo Carso and UnitedHealth Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Carso and UnitedHealth Group
The main advantage of trading using opposite Grupo Carso and UnitedHealth Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Carso position performs unexpectedly, UnitedHealth Group 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 Group will offset losses from the drop in UnitedHealth Group's long position.| Grupo Carso vs. Grupo Financiero Inbursa | Grupo Carso vs. Alfa SAB de | Grupo Carso vs. Kimberly Clark de Mxico | Grupo Carso vs. Grupo Televisa SAB |
| UnitedHealth Group vs. Grupo Sports World | UnitedHealth Group vs. Southern Copper | UnitedHealth Group vs. Monster Beverage Corp | UnitedHealth Group vs. United States Steel |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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