Correlation Between Limestone Boat and UNITEDHEALTH
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By analyzing existing cross correlation between The Limestone Boat and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on Limestone Boat 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 Limestone Boat with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Limestone Boat and UNITEDHEALTH.
Diversification Opportunities for Limestone Boat and UNITEDHEALTH
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Limestone and UNITEDHEALTH is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The Limestone Boat 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 Limestone Boat 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 The Limestone Boat 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 Limestone Boat i.e., Limestone Boat and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between Limestone Boat and UNITEDHEALTH
Assuming the 90 days horizon The Limestone Boat is expected to under-perform the UNITEDHEALTH. In addition to that, Limestone Boat is 3.6 times more volatile than UNITEDHEALTH GROUP INC. It trades about -0.09 of its total potential returns per unit of risk. UNITEDHEALTH GROUP INC is currently generating about 0.0 per unit of volatility. If you would invest 6,650 in UNITEDHEALTH GROUP INC on December 11, 2024 and sell it today you would lose (118.00) from holding UNITEDHEALTH GROUP INC or give up 1.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 86.09% |
| Values | Daily Returns |
The Limestone Boat vs. UNITEDHEALTH GROUP INC
Performance |
| Timeline |
| Limestone Boat |
| UNITEDHEALTH GROUP INC |
Limestone Boat and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Limestone Boat and UNITEDHEALTH
The main advantage of trading using opposite Limestone Boat and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Limestone Boat 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.| Limestone Boat vs. Arrow Electronics | ||
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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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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