Correlation Between GoHealth and Clearway
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By analyzing existing cross correlation between GoHealth and Clearway Energy Operating, you can compare the effects of market volatilities on GoHealth and Clearway 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 GoHealth with a short position of Clearway. Check out your portfolio center. Please also check ongoing floating volatility patterns of GoHealth and Clearway.
Diversification Opportunities for GoHealth and Clearway
Excellent diversification
The 3 months correlation between GoHealth and Clearway is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding GoHealth and Clearway Energy Operating in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clearway Energy Operating and GoHealth 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 GoHealth are associated (or correlated) with Clearway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clearway Energy Operating has no effect on the direction of GoHealth i.e., GoHealth and Clearway go up and down completely randomly.
Pair Corralation between GoHealth and Clearway
Given the investment horizon of 90 days GoHealth is expected to under-perform the Clearway. In addition to that, GoHealth is 3.44 times more volatile than Clearway Energy Operating. It trades about -0.08 of its total potential returns per unit of risk. Clearway Energy Operating is currently generating about -0.23 per unit of volatility. If you would invest 9,717 in Clearway Energy Operating on September 5, 2024 and sell it today you would lose (490.00) from holding Clearway Energy Operating or give up 5.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
GoHealth vs. Clearway Energy Operating
Performance |
| Timeline |
| GoHealth |
| Clearway Energy Operating |
GoHealth and Clearway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GoHealth and Clearway
The main advantage of trading using opposite GoHealth and Clearway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GoHealth position performs unexpectedly, Clearway 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 Clearway will offset losses from the drop in Clearway's long position.| GoHealth vs. eHealth | GoHealth vs. Tian Ruixiang Holdings | GoHealth vs. Huize Holding | GoHealth vs. Selectquote |
| Clearway vs. Sun Life Financial | Clearway vs. GoHealth | Clearway vs. Wicket Gaming AB | Clearway vs. Direct Line Insurance |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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