Correlation Between RaySearch Laboratories and UNITEDHEALTH
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By analyzing existing cross correlation between RaySearch Laboratories AB and UNITEDHEALTH GROUP INC, you can compare the effects of market volatilities on RaySearch Laboratories 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 RaySearch Laboratories with a short position of UNITEDHEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of RaySearch Laboratories and UNITEDHEALTH.
Diversification Opportunities for RaySearch Laboratories and UNITEDHEALTH
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between RaySearch and UNITEDHEALTH is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding RaySearch Laboratories AB 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 RaySearch Laboratories 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 RaySearch Laboratories AB 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 RaySearch Laboratories i.e., RaySearch Laboratories and UNITEDHEALTH go up and down completely randomly.
Pair Corralation between RaySearch Laboratories and UNITEDHEALTH
Assuming the 90 days horizon RaySearch Laboratories AB is expected to generate 6.36 times more return on investment than UNITEDHEALTH. However, RaySearch Laboratories is 6.36 times more volatile than UNITEDHEALTH GROUP INC. It trades about 0.38 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 2,060 in RaySearch Laboratories AB on December 14, 2024 and sell it today you would earn a total of 515.00 from holding RaySearch Laboratories AB or generate 25.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
RaySearch Laboratories AB vs. UNITEDHEALTH GROUP INC
Performance |
| Timeline |
| RaySearch Laboratories |
| UNITEDHEALTH GROUP INC |
RaySearch Laboratories and UNITEDHEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RaySearch Laboratories and UNITEDHEALTH
The main advantage of trading using opposite RaySearch Laboratories and UNITEDHEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RaySearch Laboratories 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.| RaySearch Laboratories vs. Schrodinger | ||
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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