Correlation Between GE Vernova and United
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By analyzing existing cross correlation between GE Vernova LLC and United Airlines Holdings, you can compare the effects of market volatilities on GE Vernova and United 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 GE Vernova with a short position of United. Check out your portfolio center. Please also check ongoing floating volatility patterns of GE Vernova and United.
Diversification Opportunities for GE Vernova and United
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GEV and United is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding GE Vernova LLC and United Airlines Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Airlines Holdings and GE Vernova 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 GE Vernova LLC are associated (or correlated) with United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Airlines Holdings has no effect on the direction of GE Vernova i.e., GE Vernova and United go up and down completely randomly.
Pair Corralation between GE Vernova and United
Considering the 90-day investment horizon GE Vernova LLC is expected to generate 13.01 times more return on investment than United. However, GE Vernova is 13.01 times more volatile than United Airlines Holdings. It trades about 0.21 of its potential returns per unit of risk. United Airlines Holdings is currently generating about -0.02 per unit of risk. If you would invest 28,923 in GE Vernova LLC on August 29, 2024 and sell it today you would earn a total of 4,610 from holding GE Vernova LLC or generate 15.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
GE Vernova LLC vs. United Airlines Holdings
Performance |
| Timeline |
| GE Vernova LLC |
| United Airlines Holdings |
GE Vernova and United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GE Vernova and United
The main advantage of trading using opposite GE Vernova and United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GE Vernova position performs unexpectedly, United 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 United will offset losses from the drop in United's long position.| GE Vernova vs. Stepan Company | GE Vernova vs. Griffon | GE Vernova vs. Vera Bradley | GE Vernova vs. Eldorado Gold Corp |
| United vs. Getty Images Holdings | United vs. Rumble Inc | United vs. Black Hills | United vs. GE Vernova LLC |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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